Ethereum Revisits Key Support, Why Recovery Could be Capped

Ethereum continued to fall below the $3300 support area against the US dollar. The ETH price may recover from $3120 but could face obstacles near $3250.

  • Ethereum continued to decline below the levels of $3,300 and 3,250 support.
  • The 100-hourly simple moving mean and price are below $3250.
  • On the hourly chart for ETH/USD, there is resistance at $3,180. (Data feed via Kraken).
  • A clear of the $3,200 resistance level and $3.250 resistance level, it could trigger a fresh rise.

Ethereum Price Streaks

Ethereum fell below the $3.250 support zone. ETH even crossed the $3,000. Support level, and settled under the simple 100 hour moving average.

The stock traded at $3,129. It is correcting higher now. A minor movement was seen above the $3150 level. Now, the price faces resistance at $3,180. A key bearish trendline is also visible on the hourly chart. It points to resistance around $3,180.

Trend line near 23.6% Fib Retracement Level of recent fall from $3,392 swing high, to $3,129 lowest. The trend line could be crossed if there’s an upside breakout. This would allow the price to rise toward the $3,250 resistance level.

Ethereum Price

Source:, ETHUSD

For those who are looking to overcome the hurdle, 50% Fib retracement of the recent fall from $3.392 swing high to 3.9992 low can also be used. The price could rise if it moves above the $3250 level. Bullish momentum could be seen near $3,400, which is the next major resistance. If the above scenario is true, then the price of gold could climb towards $3,550 over the short term.

What Are the Losses of ETH More?

It could move lower if ethereum does not start an increase above $3,200. Initial support is located near the $3140 level.

Near the $3,120 mark is the first support. The price could fall further if it breaks below $3,120. Near the $3,000 level could be the next significant support for bulls.

Technical indicators

Minutely MACDIn the bearish zone, the MACD for USD/ETH is gradually losing speed.

Hourly RSIThe RSI of ETH/USD remains well below 50.

Major Support Level – $3,120

Major Resistance Level – $3,250

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