Struggling Ethereum Price Faces Resistance
Despite a decent recovery wave above $3,320, Ethereum is struggling to break through the $3,420 resistance level. The price managed to surpass $3,350 but encountered strong selling pressure near $3,420, forming a high at $3,426 before correcting gains similar to Bitcoin.
Currently, Ethereum is trading below $3,400 and the 100-hourly Simple Moving Average, facing hurdles near the trend line and $3,400. Additionally, a bearish trend line is forming with resistance around $3,400 on the hourly chart of ETH/USD. To continue its upward momentum, Ethereum must overcome the $3,400 and $3,425 resistance levels.
Possible Scenario: Further Downside for ETH
If Ethereum fails to break above the $3,400 resistance level, it could potentially trigger another decline in price. Initial support is seen near $3,350, followed by major support at $3,320 and the 50% Fib retracement level of the recent upward move. A breach below $3,320 may lead the price towards $3,250, with further losses potentially targeting the $3,200 level in the short term.
Key Resistance Levels for Ethereum
- The immediate major resistance stands at $3,420.
- The main hurdle lies near $3,450.
- A breakthrough above $3,450 could propel Ethereum towards the $3,550 resistance.
- Further key resistances to watch include $3,620, $3,680, and $3,720.
- A sustained upward movement might lead Ether towards the $3,880 resistance zone.
Technical Indicators for Ethereum Price
- Hourly MACD β The MACD indicator for ETH/USD is showing signs of weakening momentum in the bullish zone.
- Hourly RSI – The RSI reading for ETH/USD is currently above the 50 level.
- Major Support Level β $3,320
- Major Resistance Level β $3,400
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