The price of Ethereum is struggling below the $3,400 resistance. ETH is showing some bearish signs and could decline below the $3,150 support.
- Ethereum failed to gain momentum to close above $3,350 and $3,400.
- The price is trading below $3,300 and the 100-hourly simple moving average.
- There was a break below a major contracting triangle with support at $3,270 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could initiate another rally if it holds above the $3,120 support level.
Support Ethereum Price Breaks
The price of Ethereum started a good move up from the $3,220 level but upside was limited compared to Bitcoin. ETH cleared against $3,300 before the bears emerged.
A high was formed at $3,361 and the price is now moving lower. There was movement under the Support levels $3,250 and $3,220. Additionally, there was a break below a major contracting triangle with support at $3,270 on the hourly chart of ETH/USD.
A low was formed at $3,201 and the price is now consolidating. The price of Ethereum is now trading below $3,300 and the 100-hourly simple moving average. On the upside, the price seems to be facing obstacles near the $3,280 level or the 50% Fib level of the move down from the $3,363 high to the $3,201 low.
The first major resistance is near the $3,300 level or the 61.8% Fib level of the move down from the $3,363 high to the $3,201 low. The main event now generates nearly $3,350.
A clear move above the $3,350 resistance could send the price towards the $3,450 resistance. An upside break against $3,450 could call for more gains in the coming sessions. In the mentioned case, Ether could rise towards the protection zone $3,550 or even $3,580 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 $3,150.
A clear move below the $3,150 support could push the price towards the $3,120 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.
Senior Support Level – $3,200
Major Resistance Level – $3,300
