Ethereum price struggled to continue higher above $3,350 and dipped. ETH is now correcting losses and might face resistance near the $3,220 zone.
- Ethereum started a fresh decline below the $3,220 resistance zone.
- The price is trading below $3,200 and the 100-hourly Simple Moving Average.
- There is a key bearish trend line forming with resistance at $3,270 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start another decline if it stays below the $3,300 level.
Ethereum Price Dips Further
Ethereum price started a fresh decline below the $3,320 and $3,220 levels, like Bitcoin. ETH even declined below the $3,050 level before the bulls appeared.
A low was formed at $3,021 and the price is now correcting losses. There was a move above the $3,050 and $3,120 levels. The price surpassed the 23.6% Fib retracement level of the downward move from the $3,427 swing high to the $3,021 low.
Ethereum price is now trading below $3,220 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,220 level or the 50% Fib retracement level of the downward move from the $3,427 swing high to the $3,021 low.
The first major resistance is near the $3,250 level. There is also a key bearish trend line forming with resistance at $3,270 on the hourly chart of ETH/USD. The main resistance is now forming near $3,300.
A clear move above the $3,300 resistance might send the price toward the $3,350 resistance. An upside break above the $3,350 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,420 resistance zone or even $3,500 in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $3,220 resistance, it could start another decline. Initial support on the downside is near the $3,120 level. The first major support sits near the $3,050.
A clear move below the $3,050 support might push the price toward the $3,020 support. Any more losses might send the price toward the $3,000 support level in the near term. The next key support sits at $2,950.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,120
Major Resistance Level – $3,220
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