Ethereum extended its decline below the $ 3,200 support against the US dollar. There is a risk for ETH price to move further down below the USD 3,120 support zone.
- Ethereum extended its decline below the $ 3,250 and $ 3,200 support levels.
- The price is now trading below $ 3,250 and the 100-hour simple moving average.
- A major bearish continuation pattern is forming on the hourly chart of ETH / USD (data feed on Kraken) with support near USD 3,170.
- The pair could continue to decline if it does not stay above the USD 3,120 support zone.
Ethereum price corrected downwards
Ethereum failed to stay above the USD 3,300 support zone and expanded its losses. ETH price broke the key support zone of $ 3,250 to enter a bearish zone, similar to Bitcoin.
The price even broke the USD 3,200 support level and the 100-hour simple moving average. Ether was trading at just $ 3,150 and is now consolidating the losses. It rebounded above the $ 3,170 and $ 3,180 levels. There was a break above the 23.6% fib retracement level of the recent decline from the high of $ 3,380 to the low of $ 3,150.
It is now consolidating below $ 3,250 and the 100-hour simple moving average. A major bearish continuation pattern is also forming on the hourly chart of ETH / USD with support near USD 3,170.
On the flip side, initial resistance is near the $ 3,200 and $ 3,220 levels. A significant break above the triangle resistance and $ 3,220 could require a steady climb. The next major resistance is now forming near the $ 3,265 level. It is near the 50% Fib retracement level of the recent decline from the high of $ 3,380 to the low of $ 3,150.
Source: ETHUSD on TradingView.com
Further gains could potentially require a move towards the $ 3,300 mark in the near future. Medium resistance could potentially be near $ 3,292.
More losses in ETH?
Unless Ethereum continues above the USD 3,200 and USD 3,220 resistance levels, it could prolong its decline. Immediate support on the downside is near the $ 3,150 level.
The main support is now forming near the USD 3,120 zone. A break below the USD 3,120 support zone could push the price further down. 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 still below the 50 mark.
Large support tier – $ 3,120
Great resistance level – $ 3,265