Ethereum price failed to break out of the $3,280 resistance zone. ETH fell below the $3,200 support and has now locked in losses above $3,100.
- Ethereum struggled to clear the $3,250 and $3,280 resistance levels.
- 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), the pair broke below the key bullish trend line with support at $3,190.
- If the pair trades below the $3,100 support, the pair is likely to continue moving lower.
Ethereum price cuts profits
Ethereum price struggled to clear the $3,250 and $3,280 resistance levels. ETH began a new decline, trading below the $3,200 support and entering a short-term bearish zone similar to Bitcoin.
Furthermore, the ETH/USD pair broke below the main bullish trend line with support at $3,190 on the hourly chart. The pair even dipped below $3,150 and tested $3,100. A low was formed at $3,105 and the price is currently consolidating losses.
Ethereum is currently trading below $3,200 and its 100 hourly simple moving average. It is testing the 23.6% Fib retracement level of the recent decline from a swing high of $3,291 to a low of $3,105.
Immediate resistance is near the $3,180 level and the 100-hour simple moving average. The first major resistance is near the $3,200 level, or the 50% fibritracement level of the recent decline from the $3,291 swing high to the $3,105 low.
Source: ETHUSD on TradingView.com
The next major resistance lies at $3,220, above which the price can gain momentum and move towards the $3,250 level. If the price closes above the $3,250 resistance, the price could head towards the $3,280 resistance. If there is a move above the $3,280 resistance, Ethereum could even test the $3,350 resistance. Any further rally could send Ether heading toward the $3,500 resistance zone.
Further losses for ETH?
If Ethereum fails to clear the $3,200 resistance, further declines are possible. Initial support on the downside is near the $3,120 level. The first major support is located near the $3,100 zone.
The main support is around the $3,030 level. A clear break below the $3,030 support could increase selling pressure and push the price toward $2,850. Any further losses could send the price towards the $2,650 level in the near term.
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 below the 50 level.
Major Support Level – $3,100
High resistance level – $3,200
