Ethereum price started a minor recovery wave above the $3,200 zone. ETH is struggling and might continue to move down if it stays below $3,320.
- Ethereum started a minor recovery wave from the $3,160 zone.
- The price is trading below $3,320 and the 100-hourly Simple Moving Average.
- There is a connecting bullish trend line forming with support at $3,250 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could struggle to start a fresh increase above the $3,320 resistance level.
Ethereum Price Faces Resistance
Ethereum price started a short-term recovery wave from the $3,160 level, like Bitcoin. ETH was able to recover above the $3,200 and $3,220 resistance levels.
The price cleared the 23.6% Fib retracement level of the downward move from the $3,743 swing high to the $3,160 low. There is also a connecting bullish trend line forming with support at $3,250 on the hourly chart of ETH/USD.
However, the bears are active below the $3,320 and $3,350 levels. Ethereum price is now trading below $3,320 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,300 level.
The first major resistance is near the $3,320 level. The main resistance is now forming near $3,450 and the 50% Fib retracement level of the downward move from the $3,743 swing high to the $3,160 low. A clear move above the $3,450 resistance might send the price toward the $3,500 resistance.
An upside break above the $3,520 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,650 resistance zone or even $3,720 in the near term.
More Losses In ETH?
If Ethereum fails to clear the $3,320 resistance, it could start another decline. Initial support on the downside is near the $3,250 level and the trend line. The first major support sits near the $3,220.
A clear move below the $3,220 support might push the price toward the $3,160 support. Any more losses might send the price toward the $3,050 support level in the near term. The next key support sits at $3,000.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $3,220
Major Resistance Level – $3,320
