Ethereum is struggling to climb above $3,500 against the US Dollar. ETH cost is moving lower and it might decrease even more listed below the $3,200 assistance zone
- Ethereum failed to clear the $3,450 level and started a fresh decline.
- The cost is now trading well listed below $3,400 and the 100 per hour easy moving average.
- There is a major bearish trend line forming with resistance near $3,400 on the hourly chart of ETH/USD (data feed via Kraken).
- The set might extend its decrease if there is a clear break listed below the $3,200 assistance zone.
Ethereum Price is Struggling Below $3,400
Ethereum attempted a recovery wave above the $3,400 level. However, ETH had a hard time to clear the $3,450 resistance and it even stopped working to remain above the 100 per hour easy moving average.
A high was formed near $3,450 and the price started a fresh decline, similar to bitcoin. There was a break listed below the $3,350 and $3,320 assistance levels. Ether traded below the 50% Fib retracement level of the upward move from the $3,148 swing low to $3,450 high.
It is now trading well listed below $3,400 and the 100 per hour easy moving average. There is also a major bearish trend line forming with resistance near $3,400 on the hourly chart of ETH/USD. Besides, it is now trading well listed below $3,400 and the 100 per hour easy moving average.
An immediate resistance on the upside is near the $3,320 level. The initially significant resistance is near the $3,380 level. A proper move above the $3,380 level and $3,400 could increase the chances of a steady increase. The next significant resistance sits near $3,500.
More Losses in ETH?
If ethereum fails to continue higher above the $3,350 and $3,400 resistance levels, it could start another downward move. An instant assistance on the disadvantage is near the $3,220 level.
The 76.4% Fib retracement level of the upward move from the $3,148 swing low to $3,450 high is also near $3,220. A disadvantage break listed below the $3,220 and $3,200 assistance levels may press the cost even more lower. The next major support is now forming near the $3,150 zone, below which ether price might revisit $3,000.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gradually getting speed in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $3,200
Major Resistance Level – $3,380
