Ethereum Price Trapped Under $3,250, Momentum | Crypto News
Ethereum price began a recent decline from the $3,300 resistance. ETH is now consolidating losses and is at risk of more losses below $3,150.
- Ethereum began a sharp draw back correction below $3,250.
- The price is trading below $3,220 and the 100-hourly Simple Moving Average.
- There is a short-term declining channel forming with resistance at $3,210 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair may start a recent increase if it stays above the $3,160 zone.
Ethereum Price Struggles Below Resistance
Ethereum price failed to stay steady above $3,280 and began a recent decline, like Bitcoin. ETH price declined below $3,250 and $3,220 to enter a bearish zone.
The bears even pushed the price below the 61.8% Fib retracement degree of the current wave from the $3,060 swing low to the $3,402 high. The price finally examined $3,160 and is presently consolidating losses. There is also a short-term declining channel forming with resistance at $3,210 on the hourly chart of ETH/USD.
Ethereum price is now trading below $3,220 and the 100-hourly Simple Moving Average. If the bulls can shield more losses below $3,160, the price may attempt another increase.
Immediate resistance is seen close to the $3,220 degree. The first key resistance is close to the $3,260 degree. The next major resistance is close to the $3,280 degree. A clear transfer above the $3,280 resistance would possibly ship the price toward the $3,320 resistance. An upside break above the $3,320 area would possibly call for more beneficial properties in the approaching days. In the said case, Ether may rise toward the $3,400 resistance zone or even $3,450 in the close to time period.
Downside Continuation In ETH?
If Ethereum fails to clear the $3,220 resistance, it may start a recent decline. Initial assist on the draw back is close to the $3,160 degree. The first major assist sits close to the $3,140 zone or the 76.4% Fib retracement degree of the current wave from the $3,060 swing low to the $3,402 high.
A clear transfer below the $3,140 assist would possibly push the price toward the $3,080 assist. Any more losses would possibly ship the price toward the $3,050 area. The main assist could possibly be $3,000.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $3,160
Major Resistance Level – $3,220
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