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Ethereum price extended losses and fell below the $3,450 zone. ETH is now recovering some losses and could rise if it clears the $3,445 resistance.
- Ethereum started a new decline below the $3,500 zone.
- The price is trading below $3,450 and the 100 hourly simple moving average.
- There was a break above a bearish trend line connecting with resistance at $3,300 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a decent rally if it clears the $3,450 and $3,500 resistance levels.
Ethereum price remains above $3,200
Ethereum price struggled to initiate a fresh rise above the $3,500 level and extended losses like Bitcoin. ETH gained bearish momentum below the $3,400 level and traded below $3,320.
The price is now consolidating above the $3,220 and $3,200 support levels. A low has formed at $3,220 and the price is now consolidating losses. There was a break above the $3,250 level. The price cleared the 50% Fib retracement level of the downside move from the swing high of $3,553 to the low of $3,220.
There was a break above a bearish trend line connecting with resistance at $3,300 on the hourly chart of ETH/USD. Ethereum price is now trading below $3,450 and the 100 hourly simple moving average.
On the bright side, the price appears to be facing hurdles near the $3,445 level. It is near the 61.8% Fib retracement level of the downside move from the swing high of $3,553 to the low of $3,220. The first major resistance is near the $3,480 level.
Major resistance is now forming near $3,550. A clear move above the $3,550 resistance could send the price towards the $3,650 resistance. An upside break above the $3,650 resistance could prompt further gains in the coming sessions. In this case, Ether could rise towards the resistance zone of $3,720 or even $3,800.
Another ETH drop?
If Ethereum fails to break out of the $3,445 resistance, it could continue to decline. Initial support on the downside is near the $3,300 level. The first major support is located near the $3,220 zone.
A clear move below the $3,200 support could push the price towards the $3,120 support. Any further losses could push the price towards the $3,050 support level in the near term. The next key support lies at $3,000.
Technical indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major support level: $3,220
Major resistance level – $3,445