Ethereum price failed to clear the $3,400 resistance and extended losses. ETH is struggling and could continue to decline if it stays below $3,400.
- Ethereum started a new decline from the $3,400 area.
- The price is trading below $3,350 and the 100-hourly simple moving average.
- A connecting bearish trend line is forming with resistance at $3,300 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair may find it difficult to start a new rally above the $3,300 resistance level.
Ethereum Price Extension loss
Ethereum price failed to initiate a recovery wave above the $3,400 level and extended losses as Bitcoin. ETH declined below the $3,350 and $3,320 support levels.
There was a clear move below $3,250 and $3,220. A low was formed at $3,159 and the price is now consolidating below the 23.6% Fib level of the recent decline from the $3,742 high to the $3,159 low. There is also a bearish trend line forming with resistance at $3,300 on the hourly chart of ETH/USD.
The price of Ethereum is now trading below $3,320 and the exchange rate of Ethereum has increased against the US dollar 100-hour simple moving average. On the upside, the price seems to be facing obstacles near the $3,300 level and the trend line.
The first major resistance is near the $3,400 level. The major resistance is now approaching $3,450 and the 50% Fib level of the recent decline from the $3,742 high to the $3,159 low. A clear move above the $3,450 resistance could send the price towards the $3,500 resistance.
An upside break against $3,500 could call for more gains in the coming sessions. In the mentioned case, Ether could rise towards the protection area of $3,550 or even $3,650 in the long term.
More losses in ETH?
If Ethereum fails to clear the $3,300 resistance, it could start another decline. Initial support on the downside is near the $3,200 level. The first major support is near the $3,160.
A clear move below the $3,160 support could push the price towards the $3,080 support. Any further losses could send the price towards the $3,050 support level in the short term. The next major support will be at $3,000.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is moving in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Prime Level Support – $3,160
Major Resistance Level – $3,300
