Ethereum price rose above the USD 3,300 level. ETH tested the USD 3,350 resistance and recently started a sharp decline below USD 3,300.
- Ethereum rose towards $3,350 before the bears reappeared.
- The price is trading below $3,220 and the 100-hourly Simple Moving Average.
- There was a break below a key bullish trendline with support at $3,250 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to decline if it trades below the $3,165 support.
Ethereum price cuts gains
Ethereum price started a strong rise above the USD 3,200 level. ETH outperformed Bitcoin and even managed to overcome the USD 3,300 resistance. However, the bears were active around the $3,350 level.
A high was reached at $3,355 and the price started falling again. There was a sharp move below the USD 3,300 level. The price fell below the 50% Fib retracement level of the upward move from the $3,070 swing low to the $3,355 high.
There was also a break below a key bullish trendline with support at $3,250 on the hourly chart of ETH/USD. Ethereum is now trading below $3,220 and the 100-hourly Simple Moving Average.
However, the bulls are active near the $3,165 support and the 61.8% Fib retracement level of the upward move from the $3,070 swing low to the $3,355 high. Immediate resistance is near the $3,210 level and the 100-hourly Simple Moving Average.
Source: ETHUSD on TradingView.com
The first major resistance is around the $3,250 level. The next major resistance is at USD 3,350, above which the price could gain strength and rise towards the USD 3,465 level. A close above the USD 3,465 resistance could send the price towards the USD 3,550 resistance. If there is a move above the USD 3,550 resistance, Ethereum could even test the USD 3,680 resistance. Even more gains could send Ether towards the USD 3,750 resistance zone.
More disadvantages of ETH?
If Ethereum fails to clear the USD 3,210 resistance, it could continue falling. The initial downside support is near the $3,180 level. The first major support is near the $3,165 zone.
The main support is around the USD 3,070 level. A clear move below the USD 3,070 support could set the pace for more losses and send the price towards USD 3,030. Any further losses could send the price towards the USD 2,880 level in the near term.
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 – $3,165
Major resistance level – $3,210
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