Ethereum price has started a new decline from the resistance level at $3,300. Ethereum is currently consolidating its losses and is at risk of further losses below $3,150.
- Ethereum started a sharp downward correction below $3,250.
- The price is trading below the 100-hour simple moving average at $3,220.
- On the hourly chart, resistance has formed at $3,210, forming a short-term downtrend channel. Ethereum/USD (data feed via Kraken).
- If the price stays above the $3,160 zone, a new rally could begin.
Ethereum price struggles below resistance
Ethereum price failed to maintain stability above $3,280 and a new decline began, similar to Bitcoin. Ethereum The price entered the bearish zone below $3,250 and $3,220.
The bears pushed the price from a low of $3,060 to a high of $3,402, below the 61.8% Fib retracement level of the recent wave. Price finally tested $3,160 and is currently consolidating losses. Additionally, resistance has formed at $3,210 on the hourly chart, and a short-term downward channel has also formed. Ethereum/USD.
Ethereum price is currently trading below $3,220 and its 100 hourly simple moving average. If the bulls can prevent further losses below $3,160, the price could try to move higher.
Immediate resistance is seen near the $3,220 level. The first major resistance level is near the $3,260 level. The next major resistance level is near the $3,280 level. A clear break above the $3,280 resistance could send the price heading towards the $3,320 resistance. A break above the $3,320 area could lead to further gains in the coming days. In the above case, Ether could rise towards the $3,400 resistance zone and even $3,450 in the short term.
Lower price continues in Ethereum?
If Ethereum fails to break through the $3,220 resistance level, a fresh decline could begin. Initial support on the downside is near the $3,160 level. The first major support is near the $3,140 zone, or the 76.4% Fib retracement level of the recent wave from the swing low of $3,060 to the high of $3,402.
A clear move below the $3,140 support could push the price towards the $3,080 support. Any further losses could send the price towards the $3,050 area. The main support could be $3,000.
technical indicators
Hourly MACD – MACD of Ethereum/USD is gaining momentum in the bearish zone.
hourly RSI – RSI Ethereum/USD is currently below the 50 zone.
Major Support Level – $3,160
Major Resistance Level – $3,220
