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Ethereum Price has struggled to continue higher over $ 3,350 and immersed. Eth is now correcting the losses and could face the resistance near the $ 3,220 area.
- Ethereum has started a new drop below the resistance area of $ 3,220.
- The price is exchanged below $ 3,200 and the simple average of 100 hours.
- There is a reliable trend line that is resisted with $ 3,270 on the ETH/USD (data feed via Kraken).
- The torque could start another decline if it remains below the level of $ 3,300.
Ethereum’s price immerses itself further
Ethereum Price has started a new drop below $ 3,320 and $ 3,220 levels, such as Bitcoin. Eth also decreased below the level of $ 3,050 before the bulls appeared.
A minimum was formed at $ 3,021 and the price now corrects losses. There has been a move over the levels of $ 3,050 and $ 3,120. The price exceeded the level of FIB retracement of 23.6% of the move down from the $ 3,427 swing at the top of a minimum of $ 3,021.
The Ethereum price is now exchanged below $ 3,220 and the simple 100 -hour mobile average. On the positive side, the price seems to face obstacles close to the $ 3,220 level or the FIB retracement level of 50% of the move down from the top of $ 3,427 at the top to a minimum of $ 3,021.
The first great resistance is close to the level of $ 3,250. There is also a reliable trend line that is resisted with $ 3,270 on the ETH/USD time graphic. The main resistance is forming near $ 3,300.
A clear move above the resistance of $ 3,300 could send the price towards the resistance of $ 3,350. An upward break above the resistance of $ 3,350 may require further earnings in the next sessions. In the declared case, the ether could rise to the resistance area of $ 3,420 or even $ 3,500 in the short term.
Another decline of theh?
If Ethereum is unable to cancel the resistance of $ 3,220, another drop could start. The initial support on the reverse of the medal is close to the level of $ 3,120. The first great support is located near $ 3,050.
A clear move below the support of $ 3,050 could push the price towards the support of $ 3,020. Other losses may send the price to the support level of $ 3,000 in the short term. The next key support is located at $ 2,950.
Technical indicators
Macd timetable – The MacD for Eth/USD is losing momentum in the bearish area.
TIE TIME – The RSI for Eth/USD is now above the 50 area.
Main support level – $ 3,120
Main resistance level – $ 3,220