Ethereum is struggling to climb above $ 3,500 against the US dollar. ETH price is moving down and could fall further below the $ 3,200 support zone
- Ethereum failed to break the $ 3,450 mark and began another decline.
- The price is now trading well below $ 3,400 and the 100-hour simple moving average.
- A large bearish trendline is forming on the hourly chart of ETH / USD (data feed via Kraken) with resistance near USD 3,400.
- The pair could continue its decline if there is a significant break below the USD 3,200 support zone.
Ethereum price struggles below $ 3,400
Ethereum attempted a recovery wave above the $ 3,400 mark. However, ETH struggled to break the USD 3,450 resistance and even failed to stay above the 100-hour simple moving average.
A high was formed at $ 3,450 and the price began to decline again, similar to Bitcoin. There was a break below the USD 3,350 and USD 3,320 support levels. Ether traded below the 50% Fib retracement level of the move up from the low of $ 3,148 to the high of $ 3,450.
It is now trading well below $ 3,400 and the 100-hour simple moving average. A large bearish trendline is also forming on the hourly chart of ETH / USD with resistance near $ 3,400. Plus, it’s now trading well below $ 3,400 and the 100-hour simple moving average.
Source: ETHUSD on TradingView.com
Immediate resistance to the upside is near the $ 3,320 level. The first major resistance is near the $ 3,380 level. A proper move above the $ 3,380 and $ 3,400 levels could increase the chances of a steady rise. The next major resistance is at $ 3,500.
More losses in ETH?
If Ethereum fails to break above the USD 3,350 and USD 3,400 resistance levels, it could trigger another downward move. Immediate support on the downside is near the $ 3,220 level.
The 76.4% Fib retracement level of the move up from the low of $ 3,148 to the high of $ 3,450 is also near $ 3,220. A break below the USD 3,220 and USD 3,220 support levels could push the price further down. The next big support is now forming near the $ 3,150 zone, below which the ether price could rise again to $ 3,000.
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 mark.
Great level of support – $ 3,200
Great resistance level – $ 3,380