Ethereum Price Falls Back to $3,200, Recovery | Crypto News
Ethereum price began a contemporary decline from the $3,400 resistance. ETH is now consolidating losses and holding the key help at $3,200.
- Ethereum began a sharp draw back correction below $3,320.
- The price is trading below $3,250 and the 100-hourly Simple Moving Average.
- There was a break below a bullish pattern line with help at $3,220 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair might start a contemporary increase if it stays above the $3,180 zone.
Ethereum Price Dips To Support
Ethereum price failed to stay steady above $3,300 and began a contemporary decline, like Bitcoin. ETH price declined below $3,280 and $3,250 to enter a bearish zone.
There was a break below a bullish pattern line with help at $3,220 on the hourly chart of ETH/USD. The pair even declined below the 50% Fib retracement stage of the current wave from the $3,060 swing low to the $3,402 high. The price finally examined $3,180.
Ethereum price is now trading below $3,250 and the 100-hourly Simple Moving Average. If the bulls can defend more losses below $3,180 or the 61.8% Fib retracement stage of the current wave from the $3,060 swing low to the $3,402 high, the price might attempt another increase.
Immediate resistance is seen close to the $3,230 stage. The first key resistance is close to the $3,250 stage. The next major resistance is close to the $3,280 stage. A clear transfer above the $3,280 resistance may ship the price toward the $3,320 resistance. An upside break above the $3,320 area may call for more beneficial properties in the approaching days. In the said case, Ether might rise toward the $3,400 resistance zone or even $3,450 in the close to time period.
More Losses In ETH?
If Ethereum fails to clear the $3,250 resistance, it might start a contemporary decline. Initial help on the draw back is close to the $3,200 stage. The first major help sits close to the $3,180 zone.
A clear transfer below the $3,180 help may push the price toward the $3,120 help. Any more losses may ship the price toward the $3,050 area. The main help may very well be $3,000.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is shedding momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $3,180
Major Resistance Level – $3,280
Stay up to date with the latest trending crypto news! Visit our web site daily for the freshest Crypto news and content, rigorously curated to keep you informed.
