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Ethereum price started a fresh decline from the $3,300 resistance. ETH is now consolidating losses and is at risk of more losses below $3,150.
- Ethereum started a sharp downside correction below $3,250.
- The price is trading below $3,220 and the 100-hourly Simple Moving Average.
- There is a short-term declining channel forming with resistance at $3,210 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase if it stays above the $3,160 zone.
Ethereum Price Struggles Below Resistance
Ethereum price failed to remain stable above $3,280 and started a fresh decline, like Bitcoin. ETH price declined below $3,250 and $3,220 to enter a bearish zone.
The bears even pushed the price below the 61.8% Fib retracement level of the recent wave from the $3,060 swing low to the $3,402 high. The price finally tested $3,160 and is currently consolidating losses. There is also a short-term declining channel forming with resistance at $3,210 on the hourly chart of ETH/USD.
Ethereum price is now trading below $3,220 and the 100-hourly Simple Moving Average. If the bulls can protect more losses below $3,160, the price could attempt another increase.
Immediate resistance is seen near the $3,220 level. The first key resistance is near the $3,260 level. The next major resistance is near the $3,280 level. A clear move above the $3,280 resistance might send the price toward the $3,320 resistance. An upside break above the $3,320 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $3,400 resistance zone or even $3,450 in the near term.
Downside Continuation In ETH?
If Ethereum fails to clear the $3,220 resistance, it could start a fresh decline. Initial support on the downside is near the $3,160 level. The first major support sits near the $3,140 zone or the 76.4% Fib retracement level of the recent wave from the $3,060 swing low to the $3,402 high.
A clear move below the $3,140 support might push the price toward the $3,080 support. Any more losses might send the price toward the $3,050 region. The main support could be $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 – $3,160
Major Resistance Level – $3,220
