Ethereum recovered above $3,400 and $3,500 against the US Dollar. ETH cost is having a hard time near $3,600 and it might begin a fresh decrease.
- Ethereum recovered losses after a sharp decline to $2,900.
- The cost is still trading well below $3,600 and the 100 per hour basic moving average.
- There was a break above a key bearish trend line with resistance near $3,500 on the hourly chart of ETH/USD (data feed via Kraken).
- The set might begin a fresh decrease unless there is a clear break above $3,600.
Ethereum Price is Facing Resistance
Ethereum declined heavily below $3,500 and $3,200. ETH even broke the $3,000 assistance and settled below the 100 per hour basic moving average, comparable to bitcoin. It traded as low as $2,900 before starting an upside correction.
There was a break above the $3,300 and $3,400 resistance levels. The price even climbed above the $3,500 resistance zone. There was a break above a crucial bearish pattern line with resistance near $3,500 on the per hour chart of ETH/USD.
However, the bears seem to be defending the $3,600 zone. A high is formed near $3,561 and the cost is gradually moving lower. Ether is now trading well below $3,600 and the 100 hourly simple moving average.
There was likewise a break below the 23.6% Fib retracement level of the current wave from the $3,218 swing low to $3,561 high. The price is now testing the same broke trend line at $3,440. An instant resistance on the benefit is near the $3,500 level.
The first major resistance is near the $3,560 level. A correct relocation above the $3,560 level and $3,600 might increase the possibilities of a stable boost. The next major resistance sits near $3,680.
More Losses in ETH?
If ethereum stops working to continue greater above the $3,500 and $3,560 resistance levels, it might begin another down relocation. An immediate support on the downside is near the $3,400 level.
The next significant assistance is now forming near the $3,380 zone. It is near the 50% Fib retracement level of the recent wave from the $3,218 swing low to $3,561 high. The primary assistance is near $3,335, below which the cost might check the $3,200 zone.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $3,380
Major Resistance Level – $3,560
