The price of Ethereum faced difficulty sustaining momentum above $3,420 and experienced a decline. Currently, ETH is nearing $3,150 and may encounter challenges initiating a new uptrend.
- Ethereum initiated a new downtrend from the $3,420 resistance area.
- Trading below $3,250 and the 100-hourly Simple Moving Average.
- A significant support breach occurred at $3,320 on the hourly ETH/USD chart.
- Potential for further gains exists if the price remains above the $3,150 support level.
Ethereum Price Struggles
The price of Ethereum started an upward movement from $3,280, similar to Bitcoin’s trend. ETH successfully surpassed resistance levels at $3,320 and $3,350.
Surpassing $3,400, the price tested levels up to $3,420. Subsequently, corrective action led to a drop below $3,220 and $3,320 support levels, breaking a key triangle support at $3,320 on the hourly ETH/USD chart.
After reaching a low of $3,161, ETH is consolidating losses. Currently, the price hovers below $3,250 and the 100-hourly Simple Moving Average. Resistance is anticipated near $3,220 or the 23.6% Fib retracement level from the previous swing high to low.
Significant resistance is expected around $3,250, with main resistance forming near $3,300 or the 50% Fib retracement level from the previous swing high to low.
A potential upward move above $3,300 could drive the price towards $3,350. Breaking above $3,350 may pave the way for additional gains, targeting $3,420 or even $3,500 in the near future.
Possible Decline in ETH Prices
If Ethereum fails to surpass the $3,250 resistance level, a new decline could ensue. Initial support is expected around $3,150, with major support at $3,120.
If the price dips below $3,120, a further decline towards $3,050 is likely. Extended losses may push the price towards $3,020 support, with a crucial support level at $3,000.
Technical Indicators
Hourly MACD – The MACD for ETH/USD indicates bearish momentum.
Hourly RSI – The RSI for ETH/USD is currently below the 50 zone.
Major Support Level – $3,150
Major Resistance Level – $3,250
