Ethereum price extended losses and fell below the $3450 area. Ethereum is now recovering some losses and could go higher if it clears the $3,445 resistance.
- Ethereum started a new decline below the $3500 zone.
- The price is trading below $3450 and the 100 hourly simple moving average.
- On the hourly chart of ETH/USD (data feed via Kraken) it broke above the connecting downtrend line with resistance at $3300.
- If it crosses the resistance levels of $3450 and $3500, the pair can start a decent growth.
Ethereum price remains above $3200
Ethereum price struggled to start a new rally above the $3,500 level and extended similar losses Bitcoin. Ethereum gained bearish momentum below the $3,400 level and traded below $3,320.
The price is currently above the support levels of $3,220 and $3,200. A low was formed at $3,220 and the price is now consolidating losses. There was a break above the $3,250 level. The price of the 50% Fib retracement level cut the downside move from the $3,553 swing to the $3,220 low.
On the hourly chart of ETH/USD there was a break above the downtrend line attached to the $3300 resistance. Ethereum price is now trading below $3450 100 hourly simple moving average.
On the upside, the price seems to be facing obstacles near the $3445 level. This is close to the 61.8% Fib retracement level of the downside move from $3,553 to the $3,220 low. The first major resistance is near the $3480 level.
Major resistance is now forming near $3,550. A clear move above the $3,550 resistance may push the price towards the $3,650 resistance. An upside break above the $3,650 resistance may bring more profit in future sessions. In the mentioned case, Ether could rise towards the $3,720 or even $3,800 resistance zone.
Another drop in ETH?
If Ethereum fails to clear the $3,445 resistance, it can continue to move. Initial support on the downside is near the $3,300 level. The first major support is near the $3,220 area.
A clear move below the $3,200 support may push the price towards the $3,120 support. Any further losses may take the price to the $3050 support level in the short term. The next key support is $3,000.
Technical indicators
Hourly MACD – MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Main support level – $3220
Major resistance level – $3,445
