Ethereum Price Attempts a Comeback: Is a Rebound Imminent?
Ethereum price extended losses and fell below the $3,450 area. ETH is currently recovering some of its losses and could rise higher if it breaks the $3,445 resistance.
- Ethereum started a fresh decline in the sub-$3,500 area.
- The price is trading below $3,450 and the 100 hourly simple moving average.
- There was a break above the connecting bearish trend line with resistance at $3,300 on the hourly chart of ETH/USD (data feed via Kraken).
- If the $3,450 and $3,500 resistance levels are exceeded, the pair could start a sharp rise.
Ethereum price remains above $3,200
Ethereum price struggled to start a fresh rally above $3,500 and extended losses, e.g. Bitcoin. ETH gained bearish momentum below $3,400 and was trading below $3,320.
The price is currently consolidating above the $3,220 and $3,200 support levels. A low was formed at $3,220 and the price is now consolidating losses. A break above the $3,250 level. The price cleared the 50% Fib retracement level of the downward move from the $3,553 swing high to $3,220 low.
There was a break above the connecting bearish trend line with resistance at $3,300 on the hourly chart of ETH/USD. Ethereum price is currently trading below $3,450, 100 hour simple moving average.
On the bright side, the price seems to be facing a hurdle near the $3,445 level. It is close to the 61.8% Fibonacci retracement level of the downward move from the $3,553 swing high to $3,220 low. The first major resistance level is near $3,480.
Major resistance is currently forming near $3,550. A clear break above the $3,550 resistance may push the price towards the $3,650 resistance. An upside break above the $3,650 resistance could bring more gains in the coming sessions. In the above scenario, Ethereum could rise towards the $3,720 resistance zone or even $3,800.
ETH falling again?
If Ethereum fails to break above the $3,445 resistance, it may continue to fall. Initial support on the downside is near $3,300. The first major support is located near the $3,220 area.
A clear break below the $3,200 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 losing momentum in the bearish zone.
hourly relative strength index – The RSI for ETH/USD is currently above the 50 area.
Major Support – $3,220
Major Resistance – $3,445
