Ethereum failed to clear the $3,280 resistance and corrected lower against the US Dollar. ETH price must stay above $3,140 to avoid more downsides in the near term.
- Ethereum seems to be facing a strong resistance near $3,280 and $3,300.
- The price is now trading below $3,200 and the 100 hourly simple moving average.
- There was a break below a key bullish trend line with support near $3,185 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue lower if it fails to stay above the $3,140 support zone.
Ethereum Price is Facing Hurdles
Ethereum made another attempt to gain strength above $3,260 and $3,280. However, ETH price failed to continue higher above $3,280 and started a downward move, similar to bitcoin.
The price broke the $3,220 and $3,200 support levels. There was also a break below a key bullish trend line with support near $3,185 on the hourly chart of ETH/USD. The pair settled below $3,200 and the 100 hourly simple moving average.
Ether tested the $3,150 and $3,140 support levels. A low is formed near $3,142 and the price is now consolidating losses. An immediate resistance is near the $3,170 level. It is near the 23.6% Fib retracement level of the recent decline from the $3,260 swing high to $3,142 low.
Source: ETHUSD on TradingView.com
On the upside, the first key resistance is near the $3,200 level and the 100 hourly simple moving average. It is near the 50% Fib retracement level of the recent decline from the $3,260 swing high to $3,142 low. The main resistance is now forming near the $3,220 level. A clear break above the $3,220 resistance might open the doors for a steady increase. The next key resistance sits at $3,280 and $3,300.
More Losses in ETH?
If ethereum fails to continue higher above the $3,200 and $3,220 resistance levels, it could extend its decline. An immediate support on the downside is near the $3,150 level.
The next major support is now forming near the $3,140 zone. A downside break below the $3,140 support zone could accelerate losses. In the stated scenario, ether price could revisit the $3,060 support zone.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $3,140
Major Resistance Level – $3,220
Ethereum didn’t clear the $3,280 resistance and corrected decrease towards the US Greenback. ETH worth should keep above $3,140 to keep away from extra downsides within the close to time period.
- Ethereum appears to be going through a robust resistance close to $3,280 and $3,300.
- The worth is now buying and selling beneath $3,200 and the 100 hourly easy transferring common.
- There was a break beneath a key bullish development line with assist close to $3,185 on the hourly chart of ETH/USD (information feed through Kraken).
- The pair might proceed decrease if it fails to remain above the $3,140 assist zone.
Ethereum Value is Dealing with Hurdles
Ethereum made one other try to achieve power above $3,260 and $3,280. Nevertheless, ETH worth didn’t proceed increased above $3,280 and began a downward transfer, just like bitcoin.
The worth broke the $3,220 and $3,200 assist ranges. There was additionally a break beneath a key bullish development line with assist close to $3,185 on the hourly chart of ETH/USD. The pair settled beneath $3,200 and the 100 hourly easy transferring common.
Ether examined the $3,150 and $3,140 assist ranges. A low is shaped close to $3,142 and the worth is now consolidating losses. An instantaneous resistance is close to the $3,170 degree. It’s close to the 23.6% Fib retracement degree of the latest decline from the $3,260 swing excessive to $3,142 low.
Supply: ETHUSD on TradingView.com
On the upside, the primary key resistance is close to the $3,200 degree and the 100 hourly easy transferring common. It’s close to the 50% Fib retracement degree of the latest decline from the $3,260 swing excessive to $3,142 low. The principle resistance is now forming close to the $3,220 degree. A transparent break above the $3,220 resistance may open the doorways for a gentle improve. The subsequent key resistance sits at $3,280 and $3,300.
Extra Losses in ETH?
If ethereum fails to proceed increased above the $3,200 and $3,220 resistance ranges, it might lengthen its decline. An instantaneous assist on the draw back is close to the $3,150 degree.
The subsequent main assist is now forming close to the $3,140 zone. A draw back break beneath the $3,140 assist zone might speed up losses. Within the acknowledged state of affairs, ether worth might revisit the $3,060 assist zone.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly gaining tempo within the bearish zone.
Hourly RSI – The RSI for ETH/USD is now beneath the 50 degree.
Main Assist Degree – $3,140
Main Resistance Degree – $3,220
