Ethereum Price Drops To Support, Another Chance To Load ETH?
Ethereum price faced rejection and dropped from the $3,650 zone.
ETH retested the $3,320 support and might start another increase.
Ethereum started another decline and traded below the $3,500 support zone.
The price is trading below $3,500 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance near $3,420 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could gain bullish momentum if it settles above the $3,450 resistance zone.
Ethereum Price Dips Again Ethereum price struggled to continue higher above the $3,650 resistance.
ETH faced rejection and started a fresh decline below the $3,550 level, like Bitcoin.
There was a sharp move below the $3,500 and $3,450 levels.
Finally, it retested the $3,320 support zone.
A low was formed at $3,324 and the price is now attempting a recovery wave.
There was a move above the $3,360 level.
Ethereum is now trading below $3,500 and the 100-hourly Simple Moving Average.
On the upside, immediate resistance is near the $3,400 level.
It is near the 23.6% Fib retracement level of the downward move from the $3,654 swing high to the $3,324 low.
The first major resistance is near the $3,420 level and the trend line.
The next key resistance sits at $3,450, above which the price might test the 50% Fib retracement level of the downward move from the $3,654 swing high to the $3,324 low.
The next key resistance is seen near the $3,520 level and the 100-hourly Simple Moving Average, above which Ether could gain bullish momentum.
In the stated case, the price could rise toward the $3,650 barrier.
Source: ETHUSD on TradingView.com If there is a move above the $3,650 resistance, Ethereum could even climb toward the $3,720 resistance.
Any more gains might call for a test of $3,880.
More Losses In ETH? If Ethereum fails to clear the $3,420 resistance, it could continue to move down.
Initial support on the downside is near the $3,320 level.
The first major support is near the $3,250 zone.
The next key support could be the $3,220 zone.
A clear move below the $3,220 support might send the price toward $3,120.
Any more losses might send the price toward the $3,040 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 now below the 50 level.
Major Support Level – $3,320 Major Resistance Level – $3,420…