Steady Decline in Ethereum Price: Could a Rebound be on the Horizon?
ETH experienced a slight recovery above the $3,200 mark, but is facing resistance that could push it lower if it remains below $3,320.
- Ethereum initiated a minor bounce back from the $3,160 area.
- Currently, the price is trading under $3,320 and the 100-hourly Simple Moving Average.
- On the hourly chart of ETH/USD (data from Kraken), a bullish trend line is forming with support at $3,250.
- There may be difficulty in surpassing the $3,320 resistance level to surge further.
Resistance Ahead for Ethereum Price
The price of Ethereum began a brief recovery from the $3,160 level, akin to Bitcoin. ETH managed to climb above the $3,200 and $3,220 resistances.
After clearing the 23.6% Fib retracement level, a bullish trend line with support at $3,250 is visible on the hourly chart of ETH/USD.
Despite these positive movements, resistance is seen at $3,320 and $3,350. Ethereum price is currently under $3,320 and the 100-hourly Simple Moving Average. Hurdles are present around the $3,300 level.
The first key resistance lies at $3,320, with a major obstacle forming near $3,450 and the 50% Fib retracement level. A successful breakthrough above $3,450 could propel the price towards $3,500.
A breakthrough above the $3,520 resistance could signal further gains ahead. In that scenario, ETH could target the $3,650 resistance zone or even $3,720 in the short term.
Possible Losses for ETH?
If Ethereum struggles to overcome the $3,320 resistance, a downtrend could ensue. Initial support is near $3,250 and the trend line, followed by a significant support at $3,220.
A drop below $3,220 could lead to a test of the $3,160 support, potentially driving the price towards $3,050. The next pivotal support level is at $3,000.
Technical Indicators
Hourly MACD The MACD for ETH/USD indicates growing bearish momentum.
Hourly RSI The RSI for ETH/USD is currently below the 50 level.
Major Support Level $3,220
Major Resistance Level $3,320
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