.jpg)
Ethereum price losses extended below the $3,320 support level. Ethereum tested the $3,240 support level and is now eyeing a decent rally above the $3,380 resistance level.
- Ethereum extended its losses and tested the $3,240 support area.
- The price is trading below the $3,400 level and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $3,440 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could try a good increase above the $3,380 and $3,400 resistance levels.
Ethereum price finds support
Ethereum price struggled to start a new surge above the $3,500 area. ETH followed Bitcoin’s downward trajectory The price fell below the $3,350 level. The bears pushed the price below the $3,320 support zone.
A bottom was formed at $3,230 and the price is now correcting its losses. There was a slight upward movement above the $3,300 and $3,320 levels. The price rose above the 23.6% Fibonacci retracement level of the recent decline from the high of $3,517 to the low of $3,230.
Ethereum is still trading below $3,450 and the 100 hourly simple moving average. On the upside, the price may face resistance near the $3,375 level or the 50% Fibonacci retracement level. Recent decline From the swing high of $3,517 to the swing low of $3,230.
The first major resistance is near the $3,450 level. There is also a major bearish trend line forming with resistance near $3,440 on the hourly chart of the ETH/USD pair.
The main resistance is located at $3,540. A bullish breakout above the $3,540 resistance could push the price higher. The next major resistance is at $3,620, above which the price could gain momentum and rise towards the $3,650 level. Any further gains could send Ether towards the $3,720 resistance area in the coming days.
Another drop in ETH?
If Ethereum fails to break above the $3,450 resistance level, it could start another decline. Initial support on the downside is near $3,325. The first major support is located near the $3.24 area.
A clear move below the $3,240 support could push the price towards $3,200. Any further losses could push the price towards the $3,120 level in the near term.
Technical indicators
MACD per hour – The MACD indicator for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 area.
Major support level – $3,240
Major resistance level – $3,450
