The Ethereum market was unable to surpass the $3,400 barrier and saw a continuation of losses. The price of ETH is currently under pressure and may continue to decrease if it remains below $3,400.
Ethereum initiated a new downward trend from the $3,400 range.
Currently, the price is trading below $3,350 and the 100-hourly Simple Moving Average.
On the hourly chart of ETH/USD (data feed via Kraken), a bearish trend line with resistance at $3,300 is being established.
It may be challenging for the pair to initiate an upward movement above the $3,300 resistance level.
ETH Price Continues to Decline
The Ethereum market failed to experience a recovery above the $3,400 mark and faced losses similar to Bitcoin. ETH dropped below the $3,350 and $3,320 support levels.
A noticeable decrease occurred below $3,250 and $3,220, leading to a bottom at $3,159. Currently, the price is consolidating below the 23.6% Fib retracement level from the recent high of $3,742 to the low of $3,159. Additionally, a bearish trend line with resistance at $3,300 is forming on the ETH/USD hourly chart.
ETH is currently trading below $3,320 and the 100-hourly Simple Moving Average. Resistance is anticipated near the $3,300 level and the trend line.
The primary resistance lies at approximately $3,400. A significant obstacle is developing near $3,450 and the 50% Fib retracement level from the recent high of $3,742 to the low of $3,159. A clear surge above $3,450 could propel the price towards the $3,500 resistance level.
A breakout above the $3,500 resistance could signal further gains in upcoming sessions. In this scenario, Ether might ascend towards the $3,550 zone or potentially reach $3,650 in the short term.
Potential Decline for ETH?
If Ethereum fails to surpass the $3,300 resistance, it might enter another downtrend. Initial support is expected near $3,200, with significant support located around $3,160.
A significant drop below the $3,160 mark could result in a price decline towards the $3,080 support level. Further losses may lead the price towards the $3,050 support level in the near future, with critical support at $3,000.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is showing increased bearish momentum.
Hourly RSI – The RSI for ETH/USD is currently below the 50 zone.
Major Support Level – $3,160
Major Resistance Level – $3,300
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