Ethereum price failed to clear the $3,500 resistance zone. ETH is consolidating above the $3,380 sup
Ethereum price failed to clear the $3,500 resistance zone. ETH is consolidating above the $3,380 support and might attempt another increase.
Ethereum Price Fails To Surpass $3,500
Ethereum price made another attempt to clear the $3,500 resistance zone. ETH struggled to continue higher above $3,500 and started a downside correction like Bitcoin. There was a move below the $3,450 and $3,420 levels.
The price even dipped below $3,400 and tested $3,375. A low is formed at $3,376 and the price is consolidating above the 23.6% Fib retracement level of the recent decline from the $3,516 swing high to the $3,376 high. There is also a key bullish trend line forming with support at $3,375 on the hourly chart of ETH/USD.
Ethereum is now trading above $3,375 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $3,450 level and the 50% Fib retracement level of the recent decline from the $3,516 swing high to the $3,376 high.
The first major resistance is near the $3,480 level. The next major hurdle is near the $3,500 level. A close above the $3,500 level might send Ether toward the $3,550 resistance.
The next key resistance is near $3,640. An upside break above the $3,640 resistance might send the price higher toward the $3,750 resistance zone in the coming days.
More Downsides In ETH?
If Ethereum fails to clear the $3,450 resistance, it could continue to move down. Initial support on the downside is near $3,380 and the trend line.
The first major support sits near the $3,350 zone. A clear move below the $3,350 support might push the price toward $3,270. Any more losses might send the price toward the $3,220 support level in the near term. The next key support sits at $3,150.
Technical Indicators
Hourly MACD– The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI– The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $3,380
Major Resistance Level – $3,450
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
0.00