Ethereum is dealing with a significant resistance near $3,400 versus the United States Dollar. ETH price could start a fresh decline if it fails to clear the $3,400 resistance zone.
- Ethereum extended its decrease listed below the $3,250 and $3,200 levels.
- The price is now trading well below $3,400 and the 100 hourly simple moving average.
- There is a crucial bearish pattern line forming with resistance near $3,370 on the per hour chart of ETH/USD (information feed through Kraken).
- The pair could extend its decline unless there is a clear break above the $3,400 resistance.
Ethereum Price is Facing Resistance
Ethereum topped near the $3,450 level and began a fresh decrease. ETH traded below the $3,220 support level and settled below the 100 hourly simple moving average.
It even broke the $3,160 assistance and traded as low as $3,115. Recently, there was a recovery wave above the $3,220 level, similar to bitcoin. There was a break above the $3,250 and $3,280 resistance levels. Ether climbed above the 50% Fib retracement level of the recent decline from the $3,450 swing high to $3,115 low.
However, the rate is dealing with resistance near $3,350 and the 100 per hour basic moving average. There is also a key bearish trend line forming with resistance near $3,370 on the hourly chart of ETH/USD.
An instant resistance on the benefit is near the $3,350 level. The first major resistance is near the $3,380 and $3,400 levels. A correct relocation above the $3,400 might increase the opportunities of a constant increase. The next major resistance sits near $3,500. Any more gains might set the rate for a relocation towards the $3,620 level.
More Losses in ETH?
If ethereum fails to continue higher above the $3,380 and $3,400 resistance levels, it could start another downward move. An preliminary assistance on the drawback is near the $3,220 level.
The next major support seems to be forming near the $3,150 level. A drawback break listed below the $3,200 and $3,150 assistance levels may press the rate even more lower. In the stated case, the price could even decline below $3,100. The next stop for the bears may be near the $3,000 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $3,150
Major Resistance Level – $3,400
