Ethereum price begins new rise above $3,350. ETH is currently correcting its rally from $3,450 and could fall further below $3,200.
- Ethereum started a downward correction from the $3,450 zone.
- The price is trading around $3,200 and the 100-hour simple moving average.
- On the hourly chart of ETH/USD (data feed via Kraken), the pair broke below the bullish trend line with support at $3,240.
- If the pair breaks below the $3,200 zone, it is likely that the pair will continue its decline.
Ethereum price drops significantly
Ethereum price managed to hold above $3,200 and start a new rally, Bitcoin. ETH price regained momentum above the $3,320 and $3,350 resistance levels.
Bulls pushed the price above $3,400. However, the bears were active below $3,450. A high was formed at $3,448 and the price is currently correcting up. There was a sharp decline below the 23.6% Fib retracement level of the upwave from the swing low of $2,914 to the low of $3,448.
Moreover, there was a break as follows. bullish trend line On the hourly chart of ETH/USD, there is support at $3,240. Ethereum price is currently trading around $3,200 and the 100-hour simple moving average.
If there is further upside, the price could face resistance near the $3,250 level. The next major resistance level is near the $3,300 level. The first major resistance level is near the $3,320 level. A clear break above the $3,320 resistance could send the price towards the $3,400 resistance. A break above the $3,400 area could lead to further gains in the coming days. In the above case, Ether could rise towards the $3,450 resistance zone and even $3,500 in the short term.
Further losses for ETH?
If Ethereum fails to break through the resistance at $3,250, a fresh decline could begin. Initial support on the downside is near the $3,200 level. The first major support lies near the $3,180 zone and the 50% Fib retracement level of the upwave from the swing low of $2,914 to the low of $3,448.
A clear move below the $3,180 support could push the price towards the $3,150 support. Any further losses could send the price towards the $3,050 area. The next major support is $3,000.
technical indicators
Hourly MACD – ETH/USD MACD is gaining momentum in the bearish zone.
hourly RSI – The RSI for ETH/USD is currently below the 50 zone.
Major Support Level – $3,180
High resistance level – $3,300
