Ethereum price failed to surpass the $3,520 zone and started a fresh decline. ETH dived below the $3,250 support and even tested the $3,150 zone.

  • Ethereum started a fresh decline below the $3,320 and $3,250 levels.
  • The price is below $3,250 and the 100-hourly simple moving average.
  • A key bearish trend line is forming with resistance near $3,325 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could recover losses but gains above the $3,320 zone could be limited.

Ethereum price takes a hit

Ethereum price failed to sustain above the $3,450 and $3,420 resistance levels. ETH started a fresh decline below the $3,320 support zone, just like Bitcoin. There was a move below the $3,250 and $3,220 support levels.

The price dropped 5% and even tested the $3,150 support. A low was formed at $3,156 and the price is now consolidating losses. There was a move above the $3,200 resistance level. The price is now testing the 23.6% Fib retracement level of the downward move from the $3,426 swing high to the $3,156 low.

Ethereum is trading below $3,300 and the 100-hour Simple Moving Average. If there is a recovery wave, the price could face resistance near the $3,250 level. The first major resistance is near the $3,300 level or the 50% Fib retracement level of the downward move from the $3,426 swing high to the $3,156 low.

Ethereum price
Source: ETHUSD on TradingView.com

There is also a major bearish trend line developing with resistance near $3,325 on the hourly chart of ETH/USD. The next major hurdle is near the $3,365 level. A close above the $3,365 level could send Ether towards the $3,450 resistance. The next major resistance is near $3,500. An upside break above the $3,500 resistance could send the price higher. Any more gains could send Ether towards the $3,550 resistance zone.

Another ETH drop?

If Ethereum fails to overcome the $3,320 resistance, it could continue to move lower. The first support on the downside is around $3,200. The first major support is around the $3,150 zone.

A clear move below the $3,150 support could push the price towards $3,080. Any more losses could push the price towards the $3,050 level in the near term.

Technical indicators

Hourly MACDThe MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 zone.

Key Support Level – $3,150

Key Resistance Level – $3,320