Ethereum price is struggling to recover above the $3,360 resistance zone. ETH is now showing signs of more losses below the $3,300 and $3,250 levels.
- Ethereum is facing many hurdles near the $3,350 and $3,360 levels.
- The price is trading below $3,350 and the 100-hourly Simple Moving Average.
- There was a break below a rising channel with support at $3,320 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could extend losses if there is a close below the $3,200 support zone.
Ethereum Price Signals Downside
Ethereum price traded below the $3,300 level before the bulls appeared. ETH traded as low as $3,215 before there was a minor recovery wave, like Bitcoin. The price climbed above the $3,250 and $3,280 levels.
There was a move above the 23.6% Fib retracement level of the downward wave from the $3,655 swing high to the $3,215 low. However, the bears were active near the $3,360 resistance. The bulls struggled and the price reacted to the downside.
There was a break below a rising channel with support at $3,320 on the hourly chart of ETH/USD. Ethereum is now trading below $3,300 and the 100-hourly Simple Moving Average.
Immediate resistance is near the $3,300 level. The first major resistance is near the $3,360 level. The next key resistance sits at $3,435 or the 50% Fib retracement level of the downward wave from the $3,655 swing high to the $3,215 low, above which the price might test the $3,500 level.
Source: ETHUSD on TradingView.com
The next key resistance is seen near the $3,550 level, above which Ether could gain bullish momentum. In the stated case, the price could rise toward the $3,650 zone. If there is a move above the $3,650 resistance, Ethereum could even rise toward the $3,750 resistance. Any more gains might call for a test of $3,800.
More Losses In ETH?
If Ethereum fails to clear the $3,360 resistance, it could continue to move down. Initial support on the downside is near the $3,240 level.
The first major support is near the $3,215 zone. The next key support could be the $3,200 zone. A clear move below the $3,200 support might send the price toward $3,120. Any more losses might send the price toward the $3,040 level.
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 level.
Major Support Level – $3,215
Major Resistance Level – $3,360
