Ethereum Price Uptrend To Restart? These Could Be Hurdles To Watch
Ethereum price extended its decline below the $3,320 support zone.
ETH is now consolidating and might start a fresh increase if it clears $3,320.
Ethereum remained in a bearish zone and traded below the $3,320 support zone.
The price is trading below $3,400 and the 100-hourly Simple Moving Average.
There is a major bearish trend line forming with resistance near $3,320 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could gain bullish momentum if it settles above the $3,320 resistance zone.
Ethereum Price Faces Resistance Ethereum price remained in a bearish zone below on the hourly timeframe below the $3,500 level.
ETH extended its decline below the $3,320 support level, like Bitcoin.
It even spiked below $3,220.
A low was formed at $3,215 and the price is now attempting a recovery wave.
There was a move above the $3,250 level.
It tested the 23.6% Fib retracement level of the downward wave from the $3,655 swing high to the $3,215 low.
Ethereum is now trading below $3,400 and the 100-hourly Simple Moving Average.
Immediate resistance is near the $3,320 level.
There is also a major bearish trend line forming with resistance near $3,320 on the hourly chart of ETH/USD.
The first major resistance is near the $3,350 level.
The next key resistance sits at $3,440 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 $3,680 hurdle.
If there is a move above the $3,680 resistance, Ethereum could even climb toward the $3,780 resistance.
Any more gains might call for a test of $3,850.
Another Rejection In ETH? If Ethereum fails to clear the $3,320 resistance, it could continue to move down.
Initial support on the downside is near the $3,250 level.
The first major support is near the $3,220 zone.
The next key support could be the $3,120 zone.
A clear move below the $3,120 support might send the price toward $3,040.
Any more losses might send the price toward the $3,000 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 – $3,220 Major Resistance Level – $3,320…