Can ETH regain momentum?
Ethereum price failed to break out of the $3,400 resistance area and started a downside correction, just like bitcoin. ETH fell below the $3,330 and $3,300 support levels to move into a short-term bearish zone and even traded below the $3,250 support area. A low was formed at $3,231 and the price is currently consolidating the losses. It recovered some of the losses and traded above $3,280.
The price tested the 50% Fibonacci retracement level of the downside move from the $3,362 high to $3,231 low. Ethereum price is currently trading below $3,300 and the 100 hourly simple moving average.
If there is a fresh increase, the price is likely to face resistance near $3,300 and the 100 hourly simple moving average. The first major resistance is near $3,330 and the 76.4% Fibonacci retracement level of the downward move from the $3,362 high to $3,231 low.
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $3,230
Major Resistance Level – $3,330
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