Ethereum price started a new decline below $3,500. ETH is trying to recover from $3,050 but is facing resistance near $3,500.
- Ethereum began a new bearish wave after settling below $3,550.
- The price is trading below the $3,500 and 100 hourly simple moving average.
- On the hourly chart of ETH/USD (data feed via Kraken), there was a breakout above the bearish trend line with resistance at $3,410.
- If it trades below $3,320, the decline may continue.
Ethereum price faces resistance
The price of Ethereum did not remain in positive territory and, like Bitcoin, began a new decline below $3,500. ETH price fell below $3,450 and $3,350 and entered the bearish zone.
Once the price fell below $3,250, the pace of decline accelerated. Finally, the bulls emerged around $3,050. A low was formed at $3,058 and the price recently started a recovery wave. There was a move above the 23.6% Fib retracement level of the decline from the swing high of $3,920 to the low of $3,058.
Additionally, on the hourly chart of ETH/USD, the pair broke above the bearish trend line with resistance at $3,410. However, the bears remained active below $3,500 and below the 50% Fib retracement level of the decline from the swing high of $3,920 to the low of $3,058.
Ethereum price is currently trading below $3,400 and its 100 hourly simple moving average. If there is another wave of recovery, the price could face resistance near the $3,450 level. The next major resistance level is near the $3,480 level.
The first major resistance level is near the $3,500 level. A clear break above the $3,500 resistance could push the price towards the $3,550 resistance. A break above the $3,550 area could lead to further gains in the coming days. In the above case, Ether could rise towards the $3,740 resistance zone and even $3,800 in the short term.
Will ETH fall again?
If Ethereum fails to break through the $3,480 resistance level, a fresh decline could begin. Initial support on the downside is near the $3,320 level. The first major support is located near the $3,260 zone.
A clear move below the $3,260 support could push the price towards the $3,150 support. Any further losses could send the price towards the $3,050 area in the near term. The next significant support is at $3,020 and $3,000.
technical indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
hourly RSI – The RSI for ETH/USD is currently above the 50 zone.
Major Support Level – $3,260
High resistance level – $3,500
