Ethereum started a fresh drop from the $3,450 resistance level against the US Dollar. ETH price must stay above $3,200 to start a new bullish move.
- Ethereum started a fresh drop from the $3,480 and $3,450 resistance levels.
- The price is now trading below $3,300 and the 100 hourly simple moving average.
- There was a break below the major uptrend line with support near $3,300 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start another increase if it manages to stay above the $3,200 support area.
Ethereum price still supported
Ethereum failed to gain bullish momentum above $3450 resistance area. ETH made a high near $3,446 and the price started a new low.
There was a move below the $3,350 support area and 100-hour simple moving average. Besides, there was a break below the major uptrend line with support near $3,300 on the hourly chart of ETH/USD. Ether price is now trading below $3,300 and the 100 hourly simple moving average.
It even moved below the $3,250 level and bottomed out near $3,215. The price is now consolidating gains above the $3,200 level.
There is an immediate resistance near the $3,270 level. It is near the 23.6% Fib retracement level of the recent decline from the $3,446 high to $3,215 low. The next major resistance is near the $3,300 level. Ether price must get rid of the $3,300 resistance to start a new rally.
Source: ETHUSD on TradingView.com
In the mentioned case, the price could surpass $3,350 or the 50% Fib retracement level of the recent decline from $3,446 to the $3,215 low. The bulls’ next major stop could come in at $3,450.
More losses in ETH?
If Ethereum fails to start a new rally above the $3,300 level, it may continue to decline. There is initial support on the downside near the $3,240 region.
The next major support is near the $3,220 level. The main support is near the $3,200 area. A downside breakout below the $3,200 support area could trigger a sharp decline. In the mentioned case, there is a risk of a move towards the $3,050 level.
MACD per hour – ETH/USD’s MACD is slowly losing momentum in bearish territory.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Key Support Level – $3200
Major Resistance Level – $3,350