Ethereum price still faces many hurdles around $3,200. If the price falls below $3,200 and $3,280, ETH could start to fall significantly again.
- Ethereum is struggling to recover above the $3,200 resistance zone.
- The price is trading below $3,200 and the 100 hourly simple moving average.
- On the hourly chart of ETH/USD (data feed via Kraken), there is a major bearish trend line forming resistance at $3,120.
- If the closing price falls below the $2,900 support zone, the pair could start a further decline.
Ethereum price integration
Ethereum price found support and attempted a recovery wave above the $3,000 resistance zone. ETH was able to cross the $3,200 level. However, the bears remained active near the $3,280 resistance zone.
The high was formed at $3,278 and the price reacted to the downside similar to Bitcoin. It fell below the 23.6% Fib retracement level that rose from the swing low of $2,536 to the high of $3,278. Ethereum is currently trading below $3,200 and its 100 hourly simple moving average.
Immediate resistance lies near the $3,100 level. On the hourly chart of ETH/USD, there is also an important bearish trendline forming resistance at $3,120. The first major resistance is near the $3,200 level and the 100 hourly simple moving average.
Source: ETHUSD on TradingView.com
The next major resistance level lies at $3,280, above which the price could rise towards the $3,350 level. A key hurdle could be $3,500, above which Ether could gain bullish momentum. In the above case, the price could rise towards his $3,620 zone. A move above the $3,620 resistance could even push Ethereum higher toward the $3,750 resistance.
Will ETH fall again?
If Ethereum fails to break out of the $3,200 resistance, further declines could begin. Initial support on the downside is near the $3,000 level.
The first major support is near the $2,900 zone, or the 50% fibritracement level of the rise from the swing low of $2,536 to the high of $3,278. The next major support could be the $2,710 zone. A clear break below the support at $2,710 could push the price towards $2,650. Any further losses could send the price towards the $2,550 level.
technical indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
hourly RSI – The RSI for ETH/USD is currently above the 50 level.
Major Support Level – $2,900
High resistance level – $3,200
