Ethereum again failed to break the USD 3,330 resistance against the US dollar. ETH price is now exposed to the risk of further losses below the USD 3,120 support zone.
- Ethereum failed to break the USD 3,330 resistance zone twice.
- The price is now trading below $ 3,200 and the 100-hour simple moving average.
- The ETH / USD hourly chart (data feed via Kraken) broke below a major bullish trendline with support near USD 3,200.
- The pair could continue to move lower as long as it is below the USD 3,250 resistance.
Ethereum price encounters major resistance
Ethereum made another to break the $ 3,330 resistance, similar to Bitcoin at $ 48,000. However, the ETH price did not gain strength and struggled to break the $ 3,330 resistance zone.
A high was formed near $ 3,336 and the price started falling again. There was a break below the USD 3,250 support level. There was also a break below a major bullish trendline with support near USD 3,200 on the ETH / USD hourly chart.
Ether price hovered below $ 3,200 and the 100-hour simple moving average. The price retested the $ 3,120 support zone where the bulls took a stand. A low is forming near $ 3,120 and the price is now attempting an upward correction.
There was a break above the $ 3,150 mark. The price rebounded above the 23.6% fib retracement level of the recent decline from the high of $ 3,336 to the low of $ 3,120.
On the flip side, initial resistance is near the $ 3,200 level and the 100-hour simple moving average. The key resistance is now forming near the $ 3,240 level. It is near the 50% Fib retracement level of the recent decline from the high of $ 3,336 to the low of $ 3,120.
Source: ETHUSD on TradingView.com
A clear break and close above the $ 3,240 and $ 3,250 resistance levels could trigger a fresh spike. The next major resistance could be near the $ 3,300 level, above which the price may attempt to break above the $ 3,330 level.
More losses in ETH?
If Ethereum fails to break above the $ 3,240 and $ 3,250 resistance levels, it could extend its downward correction. Immediate support on the downside is near the USD 3,140 level.
The first major support is near the $ 3,120 level. A break below the USD 3,120 support zone could trigger a sharp decline. The next big support could be $ 3,000.
Hourly MACD – The MACD for ETH / USD is slowly losing pace in the bearish zone.
Hourly RSI – The RSI for ETH / USD is now below the 50 level.
Large support tier – $ 3,120
Great resistance level – $ 3,250