Ethereum fell below $3,250 against the US dollar. ETH prices reached $3,000 just before an upward correction.
- Ethereum began a new decline, trading below the $3.150 support area.
- The daily simple moving average is at 100 hours and the price trades below $3,250
- The hourly chart for ETH/USD showed a breakout above the key bearish trendline with resistance at $3,100 (data feed via Kraken).
- A clear move over $3,300 could lead to a huge recovery.
Ethereum’s Price is at Risk
Ethereum fell below the $3,350 resistance and began a new major downtrend. ETH fell below the $3.250 and $3.120 support levels in order to continue falling into a bearish zone.
This price surged to $3,000 and fell as low as $3,000. Recently, the price saw a slight correction, above and beyond the $3,120-$3,150 levels. On the hourly chart of Ethereum/USD, there was an uptrend above a bearish trend line that provided resistance close to $3,100.
The Ether price climbed even higher than $3,200 but it was not sustained. The Ether price fell again and was trading below $3,200.
Below the 23.6% Fib Retracement level, the price fell below the upward movement from $3,006 swing high to $3,209 low. Surprisingly, a resistance area is located near the $3,000. Next is the close to the $3,250 and 100-hourly simple moving average.
Source: TradingView.com, ETHUSD
Resistance is located near $3,000 An upside breakout above the $3300 level would likely trigger a significant recovery wave. Next is resistance at the level of $3,450.
What Are the Losses of ETH More?
It could move lower if ethereum does not start an increase above $3,250. Initial support is located near the $3120 level.
It is currently nearing the $3,100 support level. The Fib retracement of the upward swing from $3,006 low to $3.209 high is at 50%. The price could move towards $3,000 support if it breaks below the $3100 level.
Technical Indicators
Minutely MACD – MACD is moving towards the bearish zone for USD/ETH.
Hourly RSI – The RSI of ETH/USD is at or above 50.
Major Support Level – $3,100
Major Resistance Level – $3,300
