Ethereum price is struggling below the USD 3,400 resistance. ETH is showing some bearish signals and could fall below the USD 3,150 support.
- Ethereum failed to gain pace for a close above USD 3,350 and USD 3,400.
- The price is trading below $3,300 and the 100-hourly Simple Moving Average.
- There was a break below a key contracting triangle with support at $3,270 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could rise again if it remains above the $3,120 support level.
Ethereum price breaks support
Ethereum price started a decent upward move from the USD 3,220 level, but the gains were limited compared to Bitcoin. ETH managed to overcome the USD 3,300 resistance before the bears appeared.
A high was formed at $3,361 and the price is now heading lower. There was a move below the USD 3,250 and USD 3,220 support levels. Additionally, there was a break below a key contracting triangle with support at $3,270 on the hourly chart of ETH/USD.
A low was formed at $3,201 and the price is now consolidating. The Ethereum price is now trading below $3,300 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,280 level or the 50% Fib retracement level of the downward move from the $3,363 swing high to the $3,201 low.
The first major resistance is near the $3,300 level or the 61.8% Fib retracement level of the downward move from the $3,363 swing high to the $3,201 low. The main resistance is now forming around $3,350.
A clear move above the USD 3,350 resistance could send the price towards the USD 3,450 resistance. An upside break above the USD 3,450 resistance could fuel more gains in the coming sessions. In the mentioned case, Ether could rise towards the USD 3,550 or even USD 3,580 resistance zone in the short term.
Lose more in ETH?
If Ethereum fails to clear the USD 3,300 resistance, it could trigger another decline. The initial downside support is near the USD 3,200 level. The first major support is around $3,150.
A clear move below the USD 3,150 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 $3,000.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 zone.
Major support level – $3,200
Major resistance level – $3,300
