Ethereum Bears Emerge: Is a Deeper Pullback Coming?
Ethereum price is struggling below the $3,400 resistance. ETH is showing some bearish signs and could fall below the $3,150 support.
- Ethereum failed to accelerate a close above $3,350 and $3,400.
- The price is trading below $3,300 and the 100 hourly simple moving average.
- There was a break above key contract triangle support at $3,270 on the hourly chart of ETH/USD (data via Kraken).
- If the pair holds above the $3,120 support, it may start rising again.
Ethereum Price Breaks Support
Ethereum price has surged higher from $3,220 levels, but with Bitcoin. ETH cleared the $3,300 resistance before the bears emerged.
A high was formed at $3,361 and the price is now heading lower. There is an action below Support at $3,250 and $3,220. Additionally, there was a break below a key contracting triangle with support at $3,270 on the hourly chart of ETH/USD.
A low was formed at $3,201 and the price is currently consolidating. Ethereum price is currently trading below $3,300 and the 100 hourly simple moving average. On the upside, the price appears to be facing obstacles near the $3,280 level or the 50% Fib retracement level of the decline from the $3,363 swing high to $3,201 low.
The first major resistance is near $3,300, the 61.8% Fibonacci retracement level of the downward move from the $3,363 high to $3,201 low. Major resistance is now forming near $3,350.
A clear break above the $3,350 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 $3,550 resistance zone or even $3,580 in the short term.
ETH loses more?
If Ethereum fails to break above the $3,300 resistance, it may start another decline. Initial support on the downside is near $3,200. The first major support is located near $3,150.
A clear break below the $3,150 support could push the price towards the $3,120 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 Level – $3,200
Major Resistance – $3,300
