#EthereumPrice Plummets: Potential Recovery Hindered by #BEARISHđ Pressure
Ethereum Price Declines Below Key Support Levels
Ethereum failed to surpass the $3,520 zone and initiated a fresh decline, dropping below the $3,250 support and testing the $3,150 zone.
Key Points:
- Ethereum began a downward trend below $3,320 and $3,250.
- The price is trading below $3,250 and the 100-hourly Simple Moving Average.
- A key bearish trend line with resistance near $3,325 is forming on the hourly chart of ETH/USD (data via Kraken).
- Gains might be limited above the $3,320 zone.
Price Analysis:
Ethereum couldn't sustain momentum above $3,450 and $3,420, leading to a decline below $3,320. It fell past $3,250 and $3,220, testing the $3,150 support after a 5% drop. A low was formed at $3,156, with the price now consolidating losses. ETH is testing the 23.6% Fib retracement level from the $3,426 swing high to the $3,156 low.
Trading below $3,300 and the 100-hourly SMA, ETH may face resistance at $3,250 and $3,300. The major resistance levels are $3,325 and $3,365. Breaking above $3,365 could push ETH toward $3,450 and potentially $3,500.
Potential for Another Decline:
If Ethereum fails to clear $3,320, it may continue declining. Initial support is at $3,200, with major support at $3,150. A move below $3,150 could drive ETH toward $3,080 or $3,050.
Technical Indicators:
- Hourly MACD: Gaining momentum in the bearish zone.
- Hourly RSI: Below the 50 level.
- Major Support Level: $3,150
- Major Resistance Level: $3,320
Source - newsbtc.com
