Is Ethereum Price Facing Major Obstacles Ahead?
After struggling to maintain momentum above $3,350, the Ethereum price has dipped. Currently, ETH is undergoing a correction phase, with potential resistance around the $3,220 mark.
- Following a failed attempt to stay above the $3,220 resistance level, Ethereum has started a downward trend.
- The price is currently below $3,200 and the 100-hourly Simple Moving Average.
- A bearish trend line has formed with resistance at $3,270 on the hourly ETH/USD chart.
- If the price remains below $3,300, another decline could be on the horizon.
ETH Price Faces Further Decline
ETH price initiated a fresh decline below the $3,320 and $3,220 levels, similar to Bitcoins recent performance. After dropping below $3,050, a rebound occurred, forming a low at $3,021, followed by a corrective phase. The price managed to surpass the 23.6% Fib retracement level from the recent dip.
Currently, Ethereum is trading below $3,220 and the 100-hourly Simple Moving Average. Resistance is anticipated near the $3,220 level and the 50% Fib retracement level from the recent high to low movement.
One of the primary obstacles for ETH is the $3,250 level, with a significant resistance forming near $3,300. Additionally, a key bearish trend line with resistance at $3,270 is visible on the hourly ETH/USD chart.
If ETH can break above the $3,300 resistance, it may aim for further gains towards $3,350. A successful breach of this level could lead to a potential rise towards $3,420 or even $3,500 in the short term.
Potential Decline in ETH
If Ethereum fails to surpass the $3,220 resistance, a new decline could be imminent. Initial support levels are at $3,120 and $3,050, with a further drop potentially targeting the $3,020 support. Any extended losses may bring the price towards the $3,000 support level, followed by $2,950.
Technical Indicators
Hourly MACD The MACD for ETH/USD is showing weakening bearish momentum.
Hourly RSI The RSI for ETH/USD has crossed above the 50 level.
Major Support Level $3,120
Major Resistance Level $3,220
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