Ethereum Price Losses Steady: Is a Rebound Brewing?
Ethereum price started a slight recovery above the $3,200 area. ETH is struggling and may continue to fall if it remains below $3,320.
- Ethereum started a slight recovery from the $3,160 area.
- The price is trading below $3,320 and the 100 hourly simple moving average.
- There is a bullish trend line connecting with support at $3,250 on the hourly chart of ETH/USD (data via Kraken).
- The pair may struggle to start a fresh rise above the $3,320 resistance.
Ethereum price faces resistance
Ethereum price started a short-term recovery wave from the $3,160 level, e.g. Bitcoin. ETH was able to recover above the $3,200 and $3,220 resistance levels.
The price cleared the 23.6% Fib retracement level of the downward move from the $3,743 swing high to $3,160 low. There is also a connecting bullish trend line forming with support at $3,250 on the hourly chart of ETH/USD.
However, bears are active below $3,320 and $3,350. Ethereum price is currently trading below $3,320, 100 hour simple moving average. On the bright side, the price seems to be facing a hurdle near the $3,300 level.
The first major resistance level is near $3,320. Major resistance is currently forming near $3,450 and the 50% Fibonacci retracement level of the downward move from the $3,743 swing high to $3,160 low. A clear break above the $3,450 resistance may push the price towards the $3,500 resistance.
An upside break above the $3,520 resistance may bring more gains in the coming sessions. In the above scenario, Ethereum may rise towards the $3,650 resistance zone or even $3,720 in the short term.
ETH loses more?
If Ethereum fails to break the $3,320 resistance, it may start another decline. Initial support on the downside is near the $3,250 level and the trend line. The first major support is near $3,220.
A clear break below the $3,220 support could push the price towards the $3,160 support. Any further losses could push the price towards the $3,050 support in the near term. The next key support is located at $3,000.
Technical indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
hourly relative strength index – The RSI for ETH/USD is currently below the 50 area.
Major Support – $3,220
Major Resistance – $3,320
