Ethereum Price Stays Flat While Bitcoin Steals the Spotlight with New ATH
Ethereum price remains below the $3,500 resistance, while Bitcoin is trading higher. ETH is consolidating above $3,120 and faces many obstacles.
- Ethereum failed to accelerate a close above $3,450 and corrected gains.
- The price is trading below $3,300 and the 100 hourly simple moving average.
- A short-term contracting triangle has formed with resistance at $3,370 on the hourly chart of ETH/USD (data via Kraken).
- If the $3,325 resistance is exceeded, the pair may start rising again.
Ethereum price stuck in range
Ethereum price started a sharp rise above $3,300, but with Bitcoin. ETH failed to accelerate a close above $3,450 and correct its gains.
It fell below the $3,320 and $3,300 support levels. A low was formed at $3,203 and the price is now consolidating losses. The price increased slightly to over $3,240. The price tested the 23.6% Fib retracement level of the recent swing high of $3,444 to low of $3,203.
Ethereum price is currently trading below $3,300 and the 100 hourly simple moving average. On the bright side, Prices appear to be facing hurdles Near the $3,260 level. The first major resistance level is seen near $3,320, the 50% Fibonacci retracement level of the recent swing high of $3,444 to low of $3,203.
Major resistance is currently forming near $3,350. A short-term contracting triangle has also formed on the hourly chart of ETH/USD with resistance at $3,370. A clear break above the $3,370 resistance may push the price towards the $3,450 resistance.
An upside break above the $3,450 resistance could bring more gains in the coming sessions. In the above scenario, Ethereum may rise towards the $3,500 resistance zone or even $3,550 in the short term.
ETH loses more?
If Ethereum fails to break the $3,325 resistance, it may start another decline. Initial support on the downside is near $3,200. The first major support is near $3,150.
A clear break below the $3,150 support could push the price towards the $3,120 support. Any further losses may 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 losing momentum in the bullish zone.
hourly relative strength index – The RSI for ETH/USD is currently below the 50 area.
Major Support Level – $3,200
Major Resistance – $3,325
