Ethereum’s price has been facing hurdles as it continues to decline below the $3,320 support zone. However, there is potential for a fresh increase if it manages to clear this hurdle.
At the moment, Ethereum remains in a bearish zone, trading below $3,400 and the 100-hourly Simple Moving Average. There is a major bearish trend line forming with resistance near $3,320 on the hourly chart of ETH/USD.
If the price manages to settle above the $3,320 resistance zone, it could gain bullish momentum. The first major resistance is seen near the $3,350 level, followed by the $3,440 level. If these hurdles are surpassed, the price might test the $3,500 level.
Further resistance levels include $3,550 and $3,680. In the case of a move above the $3,680 resistance, Ethereum could reach the $3,780 resistance and potentially even test $3,850.
However, if the $3,320 resistance is not cleared, Ethereum could continue to move down. Initial support is near the $3,250 level, with major support at $3,220. A clear move below this support could send the price towards $3,120 and potentially even $3,000.
Technical indicators show that the MACD for ETH/USD is losing momentum in the bearish zone, while the RSI is below the 50 level.
Please note that this article is for educational purposes only and does not offer investment advice. It is recommended to conduct thorough research before making any investment decisions.