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Ethereum price struggled to continue higher above $3,420 and dipped. ETH is now approaching $3,150 and might struggle to start a fresh increase.
- Ethereum started a fresh decline from the $3,420 resistance zone.
- The price is trading below $3,250 and the 100-hourly Simple Moving Average.
- There was a break below a key contracting triangle with support at $3,320 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start another increase if it stays above the $3,150 support level.
Ethereum Price Breaks Support
Ethereum price started a decent upward move from the $3,280 level, like Bitcoin. ETH was able to surpass the $3,320 and $3,350 resistance levels.
The pair even surpassed $3,400 and tested $3,420. A high was formed at $3,427 and the price corrected most gains. There was a move below the $3,320 and $3,220 support levels. Besides, there was a break below a key contracting triangle with support at $3,320 on the hourly chart of ETH/USD.
A low was formed at $3,161 and the pair is now consolidating losses. Ethereum price is now trading below $3,250 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,220 level or the 23.6% Fib retracement level of the downward move from the $3,427 swing high to the $3,161 low.
The first major resistance is near the $3,250 level. The main resistance is now forming near $3,300 or the 50% Fib retracement level of the downward move from the $3,427 swing high to the $3,161 low.
A clear move above the $3,300 resistance might send the price toward the $3,350 resistance. An upside break above the $3,350 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,420 resistance zone or even $3,500 in the near term.
More Losses In ETH?
If Ethereum fails to clear the $3,250 resistance, it could start another decline. Initial support on the downside is near the $3,150 level. The first major support sits near the $3,120.
A clear move below the $3,120 support might push the price toward the $3,050 support. Any more losses might send the price toward the $3,020 support level in the near term. The next key support sits at $3,000.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $3,150
Major Resistance Level – $3,250
