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Ethereum price remained below the USD 3,500 resistance while Bitcoin recovered. ETH is consolidating above USD 3,120 and is facing many hurdles.
- Ethereum failed to pace for a close above $3,450 and corrected gains.
- The price is trading below $3,300 and the 100-hourly Simple Moving Average.
- A short-term contracting triangle is forming at resistance at $3,370 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could rise again if it breaks the $3,325 resistance level.
Ethereum price remains within a range
Ethereum price started a decent upward move above the USD 3,300 level, but the gains were limited compared to Bitcoin. ETH failed to gain pace for a close above $3,450 and corrected gains.
There was a move below the USD 3,320 and USD 3,300 support levels. A low was formed at $3,203 and the price is now consolidating losses. There was a small increase above the USD 3,240 level. The price tested the 23.6% Fib retracement level from the recent decline from the $3,444 swing high to the $3,203 low.
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 around the USD 3,260 level. The first major resistance is near the $3,320 level or the 50% Fib retracement level of the recent decline from the $3,444 swing high to the $3,203 low.
The main resistance is now forming around $3,350. A short-term contracting triangle is also forming with resistance at $3,370 on the hourly chart of ETH/USD. A clear move above the USD 3,370 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 3,500 or even USD 3,550 resistance zone in the short term.
Lose more in ETH?
If Ethereum fails to clear the USD 3,325 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 losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 zone.
Major support level – $3,200
Major resistance level – $3,325
