Furthermore, there was a move below the $3,400 level and the 100 hourly simple moving average. Eventually, there was a sharp plunge below the $3,300 level. It traded as low as $3,261 and is presently correcting losses.
There was a recovery wave past the $3,300 level. It broke the recent drop’s 23.6% Fib retracement level from the $3,580 swing high to the $3,261 low.
The price is now encountering resistance near the $3,400 level. The next significant resistance is around the $3,420 level. It overlaps with the recent drop’s 50% Fib retracement level from the $3,580 swing high to the $3,261 low. There is also a major bearish trend line forming with the resistance of nearly $3,460 on the hourly chart of ETH/USD.
If ether price empties the $3,450 resistance zone, it could start a decent increase. The price could rise above the $3,500 zone in the stated case. The following key barrier is near the $3,525 level, where the bears might take a stand.
More Losses in ETH?
If ethereum fails to start afresh rise above the $3,420 level, it could create a fresh decline. Initial support on the downside is almost the $3,300 zone.
The next significant support is around the $3,250 level. If a downside breaks below the $3,250 support, the price could lower. There is a risk of a move towards the $3,050 level in the stated case.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gradually losing pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently below the 50 levels.
Major Support Level – $3,250
Major Resistance Level – $3,420
