Why Ethereum At Risk of Fresh Decline, $3,200 Holds The Key

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.

Ethereum Price

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 MACDSlowly, the MACD of ETH/USD slows down in the bearish area.

Hourly RSIThe RSI is lower than 50 for USD/ETH.

Major Support Level – $3,200

Major Resistance Level – $3,320

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