Ethereum Trims Gains, $3,200 Is The Key
Ethereum started a fresh decline from the $3,450 resistance against the US Dollar. ETH price must stay above $3,200 to start a new upward move.
- Ethereum started a fresh decline from the $3,480 and $3,450 resistance levels.
- The price is now trading below $3,300 and the 100 hourly simple moving average.
- There was a break below a key bullish trend line with support near $3,300 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start another increase if it manages to stay above the $3,200 support zone.
Ethereum Price Remains Supported
Ethereum failed to gain bullish momentum above the $3,450 resistance zone. ETH formed a high near $3,446 and the price started a fresh decline.
There was a move below the $3,350 support zone and the 100 hourly simple moving average. Besides, there was a break below a key bullish trend line with support near $3,300 on the hourly chart of ETH/USD. Ether price is now trading below $3,300 and the 100 hourly simple moving average.
It even moved below the $3,250 level and formed a low near $3,215. The price is now consolidating gains above the $3,200 level.
An immediate resistance is near the $3,270 level. It is near the 23.6% Fib retracement level of the recent decline from the $3,446 high to $3,215 low. The next major resistance is near the $3,300 level. Ether price must clear the $3,300 resistance to start a fresh surge.
Source: ETHUSD on TradingView.com
In the stated case, the price could even surpass $3,350 or the 50% Fib retracement level of the recent decline from the $3,446 high to $3,215 low. The next major stop for the bulls on the upside may perhaps be $3,450.
More Losses in ETH?
If ethereum fails to start a fresh increase above the $3,300 level, it could continue to move down. An initial support on the downside is near the $3,240 zone.
The next major support is near the $3,220 level. The main support is near the $3,200 zone. A downside break below the $3,200 support zone might spark a sharp decline. In the stated case, there is a risk of a move towards the $3,050 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $3,200
Major Resistance Level – $3,350