ETH

ETH Price Under Resistance Pressure: Can ETH Gain Strength?

The price of ETH was unable to overcome the resistance level of $3,400 and began a downward correction, just like BTC. ETH fell below the support levels of $3,330 and $3,300, moving into a short-term decline zone. On the hourly chart, ETH/USD broke through the key bullish support line at $3.295. Even the support level of $3,250 was broken. The low point formed at $3,231, and currently the price is consolidating the decline. It has recovered some of its losses and is trading above $3,280.

The price tested the 50% Fibonacci retracement level of the downtrend from the $3,362 high to $3,231 low. Ether price is currently below the $3,300 level and the 100-hour simple moving average.

If a new pump appears, the price could face resistance near $3,300 and the 100-hour simple moving average. The first major resistance level is near $3,330, as well as the 76.4% Fibonacci retracement level of the $3,362 high to $3,231 low downtrend.

The next key resistance level is around $3,350. A closing price above $3,350 could see Ether fall towards the $3,400 resistance level.