Ethereum failed to break the USD 3,350 resistance and corrected lower against the US dollar. The ETH price is still above the 100-hour SMA and could climb back to $ 3,350.
- Ethereum appears to be facing strong resistance near $ 3,350 and $ 3,380.
- The price is now trading above $ 3,200 and the 100-hour simple moving average.
- A key bullish trendline is forming on the hourly chart of ETH / USD (data feed via Kraken) with support near USD 3,180.
- The pair could start a fresh move as long as it is above the USD 3,150 support zone.
Ethereum price rally is fading
Ethereum made another attempt to gain strength above $ 3,300 and $ 3,320. However, the ETH price failed to rise above $ 3,350 and began to decline again, similar to Bitcoin.
The price broke the USD 3,300 and USD 3,250 support levels. Ether was trading below the 50% Fib retracement level of the move up from the low of $ 3,142 to the high of $ 3,348. The price even rose below the $ 3,200 support and the 100-hour simple moving average, but the bulls were active.
The price found support near the 61.8% fib retracement level of the move up from the low of $ 3,142 to the high of $ 3,348. A key bullish trendline is also forming on the hourly chart of ETH / USD with support near $ 3,180.
It is now trading above $ 3,200 and the 100-hour simple moving average. Immediate resistance is near the $ 3,250 level. The first major resistance is near the $ 3,285 level, above which the price could accelerate to the upside.
Source: ETHUSD on TradingView.com
The main resistance is now forming near the $ 3,350 mark. A significant break above the USD 3,350 resistance could open the doors for a steady rise. In the named case, Ether could potentially soar to the USD 3,420 level.
Disadvantage break in the ETH?
Unless Ethereum continues above the USD 3,250 and USD 3,285 resistance levels, it could prolong its decline. Immediate support on the downside is near the $ 3,200 level.
The next big support is now forming near the USD 3,150 zone. A break below the USD 3,150 support zone could trigger a sharp decline. In the aforementioned scenario, Ether price could revisit the support region of $ 3,065.
Hourly MACD – The MACD for ETH / USD is now losing pace in the bearish zone.
Hourly RSI – The RSI for ETH / USD is now just below the 50 mark.
Large support tier – $ 3,150
Great resistance level – $ 3,285