Struggling Ethereum Price Faces Resistance at $3,440
You have noticed that Ethereum is facing challenges to rise above the $3,370 and $3,440 levels. The price is currently trading below $3,380 and the 100-hourly Simple Moving Average. Additionally, a major bullish trend line with support at $3,300 on the hourly chart of ETH/USD has been broken, indicating a bearish sentiment in the market. If the price fails to maintain above the $3,250 support zone, there could be further losses in the near term.
Ethereum Price Recovery Attempts Fade
Despite attempting a recovery wave above the $3,300 and $3,320 levels, Ethereum faced resistance near the $3,440 zone. A high was reached at $3,443 before a fresh decline occurred. The price retraced gains and tested the $3,250 support level, reaching as low as $3,253. Currently, Ethereum is consolidating losses just above the 23.6% Fib retracement level, but it is still trading below key resistance levels.
- The price trimmed gains and retested the $3,250 support area
- Ethereum is trading below the 100-hourly Simple Moving Average
- Immediate resistance is near the $3,320 level
Potential for More Losses in ETH
If Ethereum fails to surpass the $3,350 resistance level, it is likely to continue moving downwards. Initial support is expected near $3,250, with further support at $3,220 and $3,200. A break below $3,200 could signal a bearish trend, potentially pushing the price towards $3,120 or even lower to $3,040. The technical indicators also suggest a bearish momentum in the market.
Technical Indicators for Ethereum
- Hourly MACD: The MACD for ETH/USD is showing bearish signals
- Hourly RSI: The RSI for ETH/USD is below the 50 level
- Major Support Level: $3,250
- Major Resistance Level: $3,350
Closing Thoughts on Ethereum Price Movement
In summary, Ethereum is currently struggling to break above key resistance levels and facing downward pressure in the market. The failure to surpass $3,440 could result in further losses, with initial support seen at $3,250. Traders and investors should closely monitor the price action and key support levels to gauge the future direction of Ethereum’s price movement.
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