Ethereum’s price has faced resistance around the $3,300 level and is currently consolidating. The cryptocurrency started a downward correction from the $3,400 resistance, falling below $3,330 and the 100-hourly Simple Moving Average. A key bullish trend line at $3,295 was also broken, leading to a short-term bearish zone. However, there is potential for another increase if ETH clears the $3,330 resistance zone.
As Ethereum continued to extend its losses below $3,300, it failed to surpass the $3,400 resistance level. The price dipped below $3,250 and formed a low at $3,231 before consolidating its losses. It managed to recover slightly, testing the 50% Fibonacci retracement level, but remains below $3,300 and the 100-hourly Simple Moving Average.
If there is an upward movement, Ethereum could face resistance at $3,300 and the 100-hourly Simple Moving Average. The $3,330 level and the 76.4% Fibonacci retracement level are the first major hurdles, followed by the $3,350 level. A close above $3,350 could lead to a push towards the $3,400 resistance, with the potential for further gains towards $3,500 and $3,650 in the near future.
However, if Ethereum fails to clear the $3,330 resistance, it may continue to move downwards. The initial support lies near $3,250, followed by major support at the $3,230 zone. Further losses could bring the price down to $3,180 and potentially even the $3,080 support level. The next key support level is at $3,020.
In terms of technical indicators, the MACD for ETH/USD is losing momentum in the bearish zone, while the RSI is currently below the 50 zone. The major support level is at $3,230, and the major resistance level is at $3,330.