Ethereum price surpassed the $3,300 level. ETH tested the $3,350 resistance and recently started a sharp decline below $3,300.
- Ethereum rebounded towards $3,350 before the bears reappeared.
- The price is trading below $3,220 and the 100 hourly simple moving average.
- There was a break below a key uptrend line with support at $3,250 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could continue to decline if it trades below the $3,165 support.
Ethereum Prices Cut Gains
Ethereum price started a huge increase above the $3,200 level. ETH outperformed Bitcoin and even broke the $3,300 resistance. However, the bears were active near the $3,350 level.
A high was reached at $3,355 and the price began a further decline. There was a clear move below the $3,300 level. The price fell below the 50% Fibonacci retracement level of the upward move from the $3,070 low to $3,355 high.
There was also a break below a key uptrend line with support at $3,250 on the ETH/USD hourly chart. Ethereum is now trading below $3,220 and the 100 hourly simple moving average.
However, the bulls are active near the $3,165 support and the 61.8% Fibonacci retracement level of the upward move from the $3,070 low to $3,355 high. Immediate resistance is near the $3,210 level and the 100 hourly simple moving average.
Source: ETHUSD on TradingView.com
The first major resistance is near the $3,250 level. The next key resistance lies at $3,350, above which the price could gain ground and reach the $3,465 level. A close above the $3,465 resistance could push the price towards the $3,550 resistance. If there is a move above the $3,550 resistance, Ethereum could even test the $3,680 resistance. Any further gains could send Ether towards the $3,750 resistance zone.
More disadvantages in ETH?
If Ethereum fails to breach the $3,210 resistance, it could continue to decline. Initial downside support is near the $3,180 level. The first major support lies near the $3,165 area.
The main support is near the $3,070 level. A sharp move below the $3,070 support could give rise to more losses and push the price towards $3,030. Any further losses could push the price towards the $2,880 level in the near term.
Technical indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $3,165
Major Resistance Level – $3,210
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