Ethereum price failed to clear the $3,500 resistance zone. ETH is consolidating above the $3,380 support and might attempt another increase.
Ethereum is correcting gains and struggling near the $3,500 zone.
The price is trading above $3,380 and the 100-hourly Simple Moving Average.
There is a key bullish trend line forming with support at $3,375 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to rise unless there is a close below the $3,350 support.
Ethereum Price Fails To Surpass $3,500
Ethereum price made another attempt to clear the $3,500 resistance zone. ETH struggled to continue higher above $3,500 and started a downside correction like Bitcoin. There was a move below the $3,450 and $3,420 levels.
The price even dipped below $3,400 and tested $3,375. A low is formed at $3,376 and the price is consolidating above the 23.6% Fib retracement level of the recent decline from the $3,516 swing high to the $3,376 high. There is also a key bullish trend line forming with support at $3,375 on the hourly chart of ETH/USD.
Ethereum is now trading above $3,375 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $3,450 level and the 50% Fib retracement level of the recent decline from the $3,516 swing high to the $3,376 high.
The first major resistance is near the $3,480 level. The next major hurdle is near the $3,500 level. A close above the $3,500 level might send Ether toward the $3,550 resistance.
The next key resistance is near $3,640. An upside break above the $3,640 resistance might send the price higher toward the $3,750 resistance zone in the coming days.
More Downsides In ETH?
If Ethereum fails to clear the $3,450 resistance, it could continue to move down. Initial support on the downside is near $3,380 and the trend line.
The first major support sits near the $3,350 zone. A clear move below the $3,350 support might push the price toward $3,270. Any more losses might send the price toward the $3,220 support level in the near term. The next key support sits at $3,150.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $3,380
Major Resistance Level – $3,450
Source: NewsBTC.com
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