Ethereum Price Fails Again, Signs Of More Losses Below $3,300
Ethereum price is struggling to recover above the $3,360 resistance zone.
ETH is now showing signs of more losses below the $3,300 and $3,250 levels.
Ethereum is facing many hurdles near the $3,350 and $3,360 levels.
The price is trading below $3,350 and the 100-hourly Simple Moving Average.
There was a break below a rising channel with support at $3,320 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could extend losses if there is a close below the $3,200 support zone.
Ethereum Price Signals Downside Ethereum price traded below the $3,300 level before the bulls appeared.
ETH traded as low as $3,215 before there was a minor recovery wave, like Bitcoin.
The price climbed above the $3,250 and $3,280 levels.
There was a move above the 23.6% Fib retracement level of the downward wave from the $3,655 swing high to the $3,215 low.
However, the bears were active near the $3,360 resistance.
The bulls struggled and the price reacted to the downside.
There was a break below a rising channel with support at $3,320 on the hourly chart of ETH/USD.
Ethereum is now trading below $3,300 and the 100-hourly Simple Moving Average.
Immediate resistance is near the $3,300 level.
The first major resistance is near the $3,360 level.
The next key resistance sits at $3,435 or the 50% Fib retracement level of the downward wave from the $3,655 swing high to the $3,215 low, above which the price might test the $3,500 level.
Source: ETHUSD on TradingView.com The next key resistance is seen near the $3,550 level, above which Ether could gain bullish momentum.
In the stated case, the price could rise toward the $3,650 zone.
If there is a move above the $3,650 resistance, Ethereum could even rise toward the $3,750 resistance.
Any more gains might call for a test of $3,800.
More Losses In ETH? If Ethereum fails to clear the $3,360 resistance, it could continue to move down.
Initial support on the downside is near the $3,240 level.
The first major support is near the $3,215 zone.
The next key support could be the $3,200 zone.
A clear move below the $3,200 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 gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $3,215 Major Resistance Level – $3,360…