Ethereum price is facing many hurdles around $3,200. ETH could gain bearish momentum if the price remains below USD 3,200 and USD 3,280.
- Ethereum is struggling to recover above the USD 3,200 resistance zone.
- The price is trading below $3,200 and the 100-hourly Simple Moving Average.
- There was a break below a connecting bullish trendline with support at $3,100 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could fall again if there is a close below the $3,000 support zone.
Ethereum price faces hurdles
Ethereum price started a recovery wave above the USD 3,000 resistance zone. ETH was able to climb above the USD 3,120 level. However, the bears were active near the USD 3,280 resistance zone.
A high was reached at $3,278 and the price started a new decline, just like Bitcoin. There was a move below the $3,200 support zone. The price fell below the 23.6% Fib retracement level of the recovery wave from the $2,537 swing low to the $3,278 high.
There was also a break below a connecting bullish trendline with support at $3,100 on the hourly chart of ETH/USD. Ethereum is now trading below $3,200 and the 100-hourly Simple Moving Average.
The immediate resistance is near the USD 3,200 level. The first major resistance is around the $3,250 level. The next major resistance is at USD 3,280, above which the price could test the USD 3,350 level. The main hurdle could be USD 3,500, above which Ether could gain bullish momentum.
Source: ETHUSD on TradingView.com
In the mentioned case, the price could rise towards the $3,620 zone. If a move above the USD 3,620 resistance occurs, Ethereum could even rise towards the USD 3,750 resistance.
Lose more in ETH?
If Ethereum fails to clear the USD 3,200 resistance, it could continue to decline. The initial downside support is near the USD 3,000 level.
The first major support is near the $2,900 zone or the 50% Fib retracement level of the recovery wave from the $2,537 swing low to the $3,278 high. The next major support could be the $2,820 zone. A clear move below the USD 2,820 support could send the price towards USD 2,650. Any further losses could send the price towards the USD 2,550 level.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $3,000
Major resistance level – $3,200
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