Ethereum price started a small recovery wave above the $3,200 zone. ETH is struggling and could continue to decline if it stays below $3,320.
- Ethereum started a small recovery wave from the $3,160 area.
- The price is trading below $3,320 and the 100-hourly simple moving average.
- A connecting bullish trend line is forming with support at $3,250 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair may find it difficult to start a new rally above the $3,320 resistance level.
Ethereum Gold exchange rate is free here
The price of Ethereum started a short-term recovery wave from the level of $ 3,160, as Bitcoin. ETH was able to recover above the $3,200 and $3,220 resistance levels.
The price cleared the 23.6% Fib level of the move down from the $3,743 swing high to the $3,160 low. There is also a connecting bullish trend line forming with support at $3,250 on the hourly chart of ETH/USD.
However, the bears are active below the $3,320 and $3,350 levels. 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 appears to be facing obstacles near the $3,300 level.
The first major resistance is near the $3,320 level. The major resistance is now approaching $3,450 and the 50% Fib level of the move down from the $3,743 high to the $3,160 low. A clear move above the $3,450 resistance could send the price towards the $3,500 resistance.
An upside break against $3,520 could call for more gains in the coming sessions. In the mentioned case, Ether could rise towards the protection zone $3,650 or even $3,720 in the long term.
More losses in ETH?
If Ethereum fails to clear the $3,320 resistance, it could start another decline. Initial support on the downside is near the $3,250 level and the trendline. The first major support is near the $3,220.
A clear move below the $3,220 support could push the price towards the $3,160 support. Any further losses could send the price towards the $3,050 support level soon. 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 – $3,220
Major resistance level – $3,320
