Ethereum began a decline at the $3,450 resistance to the US Dollar. The price of Ethereum must remain at least $3,200 in order to begin a new uptrend.
- Ethereum experienced a sharp decline after the resistance levels of $3,480 and 3,450.
- The current price trades below $3,300 as well as the simple 100-hour moving average.
- A break was seen below a bullish trend line, with support close to $3,300 in the hourly chart of Ethereum/USD (datafeed via Kraken).
- A pair that remains above the $3,000.00 support zone could see a further increase.
Ethereum price remains supported
The $3,450 resistance area was not enough to sustain bullish momentum for Ethereum. ETH hit a record high at $3,446. The price then began a sharp decline.
Below the $3,350 resistance zone and 100 hourly simple moving median there was a movement. A break was also seen below the key bullish trendline with support at $3,300 in the hourly chart for ETH/USD. The Ether price currently trades below the $3,300 hourly moving average and the simple 100-hourly moving average.
Even below the $3.250 mark, it fell to a level near $3.215. Now, the price consolidates gains above $3,000.
The $3,270 mark is the nearest resistance. It’s close to 23.6% Fib Retracement Level of recent fall from $3.446 high, $3.215 low. Near the $3,000.00 level is the next significant resistance. To start a new surge, Ether must surpass the $3300 resistance.
Source: TradingView.com ETHUSD
If the case is true, then the price might even reach $3,000. This would be the 50% Fib Retracement level for the recent fall from the $3.446 high to the $3.215 low. For bulls looking to the upside, the next stop may be at $3,450.
What Are the Losses of ETH More?
It could move lower if ethereum does not start an increase above $3,300. A support zone near $3,240 is initial for the downside.
Near the $3,220 mark is the next significant support. Near the $3,200 level is the main support. The downside movement below the support level of $3,200 could cause a rapid decline. There is the possibility of the market moving towards $3,050 in the above scenario.
Technical indicators
Hourly MACD – In the bearish zone, the MACD for USD/ETH is gradually losing speed.
Hourly RSI – The current RSI level for USD/ETH is below 50.
Major Support Level – $3,200
Major Resistance Level – $3,350
