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Ethereum price rallied above the $3,300 level. ETH tested the $3,350 resistance and recently started a sharp decline below $3,300.
- Ethereum rallied toward $3,350 before the bears appeared again.
- The price is trading below $3,220 and the 100-hourly Simple Moving Average.
- There was a break below a key bullish trend line with support at $3,250 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move down if it trades below the $3,165 support.
Ethereum Price Trims Gains
Ethereum price started a strong increase above the $3,200 level. ETH outperformed Bitcoin and even cleared the $3,300 resistance. However, the bears were active near the $3,350 level.
A high was formed at $3,355 and the price started a fresh decline. There was a sharp move below the $3,300 level. The price declined below the 50% Fib retracement level of the upward move from the $3,070 swing low to the $3,355 high.
There was also a break below a key bullish trend line with support at $3,250 on the hourly chart of ETH/USD. Ethereum is now trading below $3,220 and the 100-hourly Simple Moving Average.
However, the bulls are active near the $3,165 support and the 61.8% Fib retracement level of the upward move from the $3,070 swing low to the $3,355 high. Immediate resistance is near the $3,210 level and the 100-hourly Simple Moving Average.
Source: ETHUSD on TradingView.com
The first major resistance is near the $3,250 level. The next key resistance sits at $3,350, above which the price might gain traction and rise toward the $3,465 level. A close above the $3,465 resistance could send the price toward the $3,550 resistance. If there is a move above the $3,550 resistance, Ethereum could even test the $3,680 resistance. Any more gains could send Ether toward the $3,750 resistance zone.
More Downsides In ETH?
If Ethereum fails to clear the $3,210 resistance, it could continue to move down. Initial support on the downside is near the $3,180 level. The first major support is near the $3,165 zone.
The main support is near the $3,070 level. A clear move below the $3,070 support might set the pace for more losses and send the price toward $3,030. Any more losses might send the price toward the $2,880 level in the near term.
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 – $3,165
Major Resistance Level – $3,210
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
