Ethereum price is facing multiple obstacles around $3,200. If the price stays below $3,200 and $3,280, ETH could get a bearish momentum.
Ethereum is struggling to regain the $3,200 resistance zone.
The price is trading below the 100-hour simple moving average at $BTC On the hourly chart of ETH/USD (Kraken data), the pair is trading below a bullish trendline with support at $BTC The pair could reverse down again if the price closes below the $3,000 support zone.
#BTC price started a recovery wave above the $3,000 resistance zone; #ETH was able to rise above the $3,120 level. However, bears were active around the $3,280 resistance zone.
A high was formed at the $3,278 level, after which a new decline similar to #bitcoin began: there was a move below the $3,200 support zone. Prices fell below the 23.6% retracement level of the Fib-wave recovery from the $2,537 low to the $3,278 high.
The hourly chart of ETH/USD also shows a break below the bullish trend line with support at $3,100. Ethereum is currently trading below the 100-hour simple moving average at $BTC The last resistance is near the $3,200 level. The first major resistance is near the $3,250 level. The next key resistance is at the $3,280 level, above which the $3,350 level could be tested. The key hurdle is the $3,500 level, above which Ether could gain bullish momentum.
In that case, prices could rise to the $3,620 zone; a move above $3,620 could take Ethereum to resistance at $3,750.
Wider losses for ETH?
If Ethereum fails to overcome the $3,200 resistance, it could continue to move downward. The first downside support is near the $3,000 level.
The first key support is in the $2,900 area or at the Fib 50% retracement level of the recovery wave from the $2,537 low to the $3,278 high. The next key support could be in the $2,820 zone; a move below the $2,820 support level could take the price down to $ 2,650.
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