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The Ethereum price extended losses and fell below the $3,450 zone. ETH is now recovering some losses and could rise if it clears the USD 3,445 resistance.
- Ethereum started a new decline below the $3,500 zone.
- The price is trading below $3,450 and the 100-hourly Simple Moving Average.
- There was a break above a connecting bearish trendline with resistance at $3,300 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a decent climb if it overcomes the USD 3,450 and USD 3,500 resistance levels.
Ethereum price remains above USD 3,200
Ethereum’s price struggled to spark a fresh surge above the $3,500 level and extended losses much like Bitcoin. ETH gained bearish momentum below the USD 3,400 level and traded below USD 3,320.
The price is now consolidating above the USD 3,220 and USD 3,200 support levels. A low was formed at USD 3,220 and the price is now consolidating losses. There was a break above the USD 3,250 level. The price reached the 50% Fib retracement level of the downward move from the $3,553 swing high to the $3,220 low.
There was a break above a connecting bearish trendline with resistance at $3,300 on the hourly chart of ETH/USD. Ethereum price is now trading below $3,450 and the 100-hourly Simple Moving Average.
On the upside, the price seems to be facing hurdles around the USD 3,445 level. It is close to the 61.8% Fib retracement level of the downward move from the $3,553 swing high to the $3,220 low. The first major resistance is around the $3,480 level.
The main resistance is now forming around $3,550. A clear move above the USD 3,550 resistance could send the price towards the USD 3,650 resistance. An upside break above the USD 3,650 resistance could fuel more gains in the coming sessions. In the mentioned case, Ether could rise towards the USD 3,720 or even USD 3,800 resistance zone.
Another drop in ETH?
If Ethereum fails to clear the USD 3,445 resistance, it could continue falling. The initial downside support is near the $3,300 level. The first major support is near the $3,220 zone.
A clear move below the USD 3,200 support could push the price towards the USD 3,120 support. Any further losses could send the price towards the USD 3,050 support level in the near term. The next major support is at $3,000.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 zone.
Major support level – $3,220
Major resistance level – $3,445
