Ethereum failed to break the USD 3,280 resistance and corrected lower against the US dollar. The ETH price has to stay above USD 3,140 in order to avoid further disadvantages in the short term.
- Ethereum appears to be facing strong resistance near $ 3,280 and $ 3,300.
- 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 3,185.
- The pair could continue to decline if it does not stay above the USD 3,140 support zone.
Ethereum price faces hurdles
Ethereum made another attempt to gain strength above $ 3,260 and $ 3,280. However, ETH price failed to rise above $ 3,280 and began a downward movement, similar to Bitcoin.
The price broke the $ 3,220 and $ 3,200 support levels. There was also a break below a major bullish trendline with support near USD 3,185 on the ETH / USD hourly chart. The pair settled below $ 3,200 and the 100-hour simple moving average.
Ether tested the $ 3,150 and $ 3,140 support levels. A low is forming near $ 3,142 and the price is now consolidating losses. Immediate resistance is near the $ 3,170 level. It is near the 23.6% Fib retracement level of the recent decline from the high of $ 3,260 to the low of $ 3,142.
Source: ETHUSD on TradingView.com
On the flip side, the first major resistance is near the $ 3,200 level and the 100-hour simple moving average. It is near the 50% fib retracement level of the recent decline from the high of $ 3,260 to the low of $ 3,142. The main resistance is now forming near the $ 3,220 level. A significant break above the USD 3,220 resistance could open the doors for a steady rise. The next major resistance is at $ 3,280 and $ 3,300.
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 next big support is now forming near the USD 3,140 zone. A break below the USD 3,140 support zone could accelerate losses. In the aforementioned scenario, the ether price could revisit the USD 3,060 support zone.
Hourly MACD – The MACD for ETH / USD is slowly gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH / USD is now below the 50 level.
Large support tier – $ 3,140
Great resistance level – $ 3,220