Ethereum Price Struggles, Indicating Possible Further Losses Below $3,300
Ethereum’s price is currently facing difficulties in reclaiming the $3,360 resistance level, suggesting more potential losses below $3,300 and $3,250.
Some key points to note are:
– Ethereum is encountering multiple obstacles near the $3,350 and $3,360 levels.
– The price is trading below $3,350 and the 100-hourly Simple Moving Average.
– On the hourly chart of ETH/USD, a rising channel with support around $3,320 was broken.
– If the $3,200 support zone is breached, the pair might extend its losses.
The Ethereum price experienced a dip below the $3,300 mark before experiencing a slight recovery, similar to Bitcoin. It briefly surpassed the $3,250 and $3,280 levels.
Additionally, there was a move above the 23.6% Fibonacci retracement level of the downward wave from the $3,655 swing high to the $3,215 low. However, the bears became active near the $3,360 resistance level, leading to a downward reaction.
Furthermore, the price broke below a rising channel, which had support at $3,320, on the hourly chart. At present, Ethereum is trading below $3,300 and the 100-hourly Simple Moving Average.
The immediate resistance level lies around $3,300, with the first major resistance situated near $3,360. The subsequent key resistance level is at $3,435, or the 50% Fibonacci retracement level of the downward wave from $3,655 to $3,215. If these resistance levels are surpassed, the price may test $3,500.
Additional resistance levels to watch out for include $3,550 and $3,650. A breakthrough of these levels could potentially result in a bullish momentum for Ethereum, with a potential rise toward the $3,750 resistance. Further gains may lead to a test of $3,800.
However, if Ethereum fails to overcome the $3,360 resistance, it may continue to decline. The initial support level on the downside is around $3,240, followed by the major support level near $3,215. The next key support level is anticipated to be around $3,200, and a clear move below this zone might push the price toward $3,120. Further losses may lead to a test of the $3,040 level.
Technical indicators suggest a gaining momentum in the bearish zone for the hourly MACD of ETH/USD, with the RSI falling below the 50 level.
Please note that this article is provided solely for educational purposes and does not represent NewsBTC’s opinions on buying, selling, or holding any investments. It is highly recommended to conduct personal research before making any investment decisions, as investing inherently carries risks. Any reliance on the information provided in this article is done at your own risk.