Ethereum price is struggling to recover above the $3,360 resistance zone. ETH is now showing signs of more losses below the $3,300 and $3,250 levels.
- Ethereum is facing many hurdles near the $3,350 and $3,360 levels.
- The price is trading below $3,350 and the 100-hourly Simple Moving Average.
- There was a break below a rising channel with support at $3,320 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could extend losses if there is a close below the $3,200 support zone.
Ethereum Price Signals Downside
Ethereum price traded below the $3,300 level before the bulls appeared. ETH traded as low as $3,215 before there was a minor recovery wave, like Bitcoin. The price climbed above the $3,250 and $3,280 levels.
There was a move above the 23.6% Fib retracement level of the downward wave from the $3,655 swing high to the $3,215 low. However, the bears were active near the $3,360 resistance. The bulls struggled and the price reacted to the downside.
There was a break below a rising channel with support at $3,320 on the hourly chart of ETH/USD. Ethereum is now trading below $3,300 and the 100-hourly Simple Moving Average.
Immediate resistance is near the $3,300 level. The first major resistance is near the $3,360 level. The next key resistance sits at $3,435 or the 50% Fib retracement level of the downward wave from the $3,655 swing high to the $3,215 low, above which the price might test the $3,500 level.
Source: ETHUSD on TradingView.com
The next key resistance is seen near the $3,550 level, above which Ether could gain bullish momentum. In the stated case, the price could rise toward the $3,650 zone. If there is a move above the $3,650 resistance, Ethereum could even rise toward the $3,750 resistance. Any more gains might call for a test of $3,800.
More Losses In ETH?
If Ethereum fails to clear the $3,360 resistance, it could continue to move down. Initial support on the downside is near the $3,240 level.
The first major support is near the $3,215 zone. The next key support could be the $3,200 zone. A clear move below the $3,200 support might send the price toward $3,120. Any more losses might send the price toward the $3,040 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $3,215
Major Resistance Level – $3,360
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Go to Source
Author: Aayush Jindal
