The price of Ethereum extended its decline below $3,200. ETH is struggling and it looks like the bears are now aiming for a move towards the $3,000 support zone.
- Ethereum started a downward correction below the $3,350 zone.
- The price is trading below $3,350 and the 100-hourly Simple Moving Average.
- A major bearish trendline is forming with resistance at $3,420 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could resume its decline if it remains below the USD 3,420 and USD 3,500 resistance levels.
Ethereum price breaks support
Ethereum price remained in a bearish zone below the USD 3,550 and USD 3,500 levels in the short term, just like Bitcoin. ETH fell below the $3,350 support level and moved further into a short-term bearish zone.
Finally, the price traded below the USD 3,200 support. A low was formed at $3,162 and the price is now consolidating losses. It is showing some bearish signs below the 23.6% Fib retracement level of the downward wave from the $3,675 swing high to the $3,162 low.
Ethereum price is now trading below $3,350 and the 100-hourly Simple Moving Average. On the upside, immediate resistance is around the USD 3,280 level. The first major resistance is around the $3,350 level.
The next major resistance is at $3,420. There is also a major bearish trendline forming with resistance at $3,420 on the hourly chart of ETH/USD. It is close to the 50% Fib retracement level of the downward wave from the $3,675 swing high to the $3,162 low.
Source: ETHUSD on TradingView.com
The next major resistance is near USD 3,550, above which the price could gain bullish momentum. In the mentioned case, Ether could rise towards the USD 3,650 level. If a move above the USD 3,650 resistance occurs, Ethereum could even rise towards the USD 3,800 resistance. Even more gains might require a $4,000 test.
Lose more in ETH?
If Ethereum fails to clear the USD 3,420 resistance, it could continue to decline. The initial downside support is near the $3,260 level.
The first major support is near the $3,200 zone. The next major support could be the $3,120 zone. A clear move below the USD 3,120 support could send the price towards USD 3,050. Any further losses could send the price towards the USD 3,000 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 – $3,260
Major resistance level – $3,420
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