Ethereum is struggling to break the $3,000.00 resistance against US Dollar. The ETH price has held the $3.250 support but it is at risk of falling further.
- Ethereum underwent a downtrend starting from the $3,000.00 resistance zone.
- The 100-hourly simple moving average and price are below $3,300.
- A break was seen below a channel that is key to rising, with support close at $3320 on an hourly chart of USD/ETH (data feed via Kraken).
- A new rise could be possible if the pair stays above the $3.250 support zone.
Ethereum price corrects lower
Ethereum tried again to overcome the $3,000.00 resistance zone. ETH was unable to recover strength from its $3,391 swing high and has since corrected down.
A break was seen below the $3320 and $3300 support levels. Even the simple moving average and hourly $3,300 levels were below Ether’s price. A break was also observed below the key channel of rising support, with support close to $3,320 in an hourly chart for ETH/USD.
The price has corrected higher after a low was formed at $3,238. The price broke above 23.6% Fib level, which was the retracement of the decline from $3,391 high swing to $3,238 low.
The immediate resistance levels are near the $3300 level and the 100-hourly simple moving mean. This is just below the Fib retracement of 50% the decline from the $3.391 swing high and the $3.238 low.
Source: TradingView.com ETHUSD
Near the $3,320 mark is the first significant resistance. An increase of the price above the $3320 level could be possible in the immediate future. Bullish momentum could be seen near $3,400, which is the next major resistance. The price may test the $3,550 mark in the short term.
What Are the Losses of ETH More?
If the current increase of ethereum is not sustained above the $3300 mark, then it may continue its downward slide. Initial support is located near the $3250 level.
Near the $3,200 mark is the first support. Price could drop further below the $3,000. Price could fall to $3,000.
Technical Indicators
Hourly MACD – Slowly, the MACD of ETH/USD slows down in the bearish area.
Hourly RSI – The RSI is lower than 50 for USD/ETH.
Major Support Level – $3,200
Major Resistance Level – $3,320