👉👉👉 #Ethereum Price Fails Again, Signs Of More Losses Below $3,300
The Ethereum price is encountering challenges in reclaiming ground above the $3,360 resistance area, signaling potential further declines below $3,300 and $3,250.
Despite several obstacles near $3,350 and $3,360, Ethereum is unable to break through.
Trading beneath $3,350 and the 100-hourly Simple Moving Average.
A rising channel support at $3,320 was breached on the hourly chart of ETH/USD sourced from Kraken.
A close below the critical $3,200 support level could trigger an extension of losses.
Ethereum Price Showing #bearish Signals
Ethereum experienced a dip below $3,300 before seeing some bullish activity. The price touched as low as $3,215 before a minor recovery, echoing Bitcoin's movement. It managed to climb above $3,250 and $3,280 levels.
Despite a move above the 23.6% Fib retracement level of the downward swing from the $3,655 high to the $3,215 low, resistance remained firm near $3,360. The bulls faced resistance, resulting in a downward reaction.
Ethereum broke below $3,320 and trades under $3,300, below the 100-hourly Simple Moving Average.
Immediate resistance is at $3,300, then $3,360. Further resistance lies near $3,435, with a potential test of $3,500 upon a break.
Resistance is also expected at $3,550, possibly pushing Ethereum towards $3,650 and $3,750.
Possibility of Further Declines in ETH?
- Failure to surpass the $3,360 resistance could lead to continued downside momentum. Initial support is at $3,240.
The primary support zone lies near $3,215, followed by the key level around $3,200. A decisive move below $3,200 might drive the price towards $3,120. Additional losses could see Ethereum testing the $3,040 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD indicates increasing bearish momentum.
Hourly RSI – The RSI for ETH/USD is currently below the 50 level.
- Major Support Level – $3,215
- Major Resistance Level – $3,360
Source - newsbtc.com
