Ethereum price has risen above the $3,300 level. ETH tested resistance at $3,350 and recently began a sharp decline below $3,300.
- Ethereum rallied towards $3,350 before the bears re-emerged.
- The price is trading below the 100-hour simple moving average at $3,220.
- On the hourly chart of ETH/USD (data feed via Kraken), the pair has broken below the key bullish trend line with support at $3,250.
- The pair could continue to fall if it trades below the $3,165 support.
Ethereum price cuts profits
Ethereum price started to rise significantly above $3,200. ETH has outperformed Bitcoin and also cleared the $3,300 resistance. However, the bears were active around the $3,350 level.
A high was formed at $3,355, and the price began a new decline. There was a sharp rally below the $3,300 level. Price fell below the bull market's 50% Fib retracement level from the swing low of $3,070 to the high of $3,355.
On the hourly chart of ETH/USD, there was a break below the main bullish trend line with support at $3,250. Ethereum is currently trading below $3,220 and its 100 hourly simple moving average.
However, bulls are active around the support at $3,165 and the 61.8% Fib retracement level of the rally from the swing low of $3,070 to the high of $3,355. Immediate resistance is near the $3,210 level and the 100-hour simple moving average.
Source: ETHUSD on TradingView.com
The first major resistance level is near the $3,250 level. The next major resistance lies at $3,350, above which the price could gain momentum and move towards the $3,465 level. If the price closes above the $3,465 resistance, the price could head towards the $3,550 resistance. If there is a move above the $3,550 resistance, Ethereum could even test the $3,680 resistance. Any further gains could send Ether heading toward the $3,750 resistance zone.
Further disadvantages of ETH?
If Ethereum fails to clear the $3,210 resistance, the decline could continue. The first support on the downside is near the $3,180 level. The first major support is located near the $3,165 zone.
The main support is around the $3,070 level. A clear move below the $3,070 support could set the pace for further losses and move the price towards $3,030. Any further losses could send the price towards the $2,880 level in the near term.
technical indicators
Hourly MACD – ETH/USD MACD is gaining momentum in the bearish zone.
hourly RSI – The RSI for ETH/USD is currently below the 50 level.
Major Support Level – $3,165
Major Resistance Level – $3,210
