Ethereum price struggled to continue higher above $3,220. ETH is now consolidating losses and might face resistance near the $3,220 zone.
Ethereum started a fresh decline below the $3,120 zone.
The price is trading below $3,180 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance at $3,220 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start another decline if it stays below the $3,200 level.
Ethereum Price Faces Resistance
Ethereum price started a fresh decline below the $3,220 and $3,180 levels, like Bitcoin. ETH even declined below the $3,050 level before the bulls appeared.
A low was formed at $3,021 and the price recently corrected some losses. There was a move above the $3,120 and $3,150 levels. The price climbed above the 23.6% Fib retracement level of the downward move from the $3,425 wing high to the $3,020 swing low.
However, the bears were active below the $3,200 resistance. Ethereum price is now trading below $3,200 and the 100-hourly Simple Moving Average. There is also a key bearish trend line forming with resistance at $3,220 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles near the $3,180 level. The first major resistance is near the $3,200 level and the trend line. The main resistance is now forming near $3,220 and the 50% Fib retracement level of the downward move from the $3,425 wing high to the $3,020 swing low.
A clear move above the $3,220 resistance might send the price toward the $3,320 resistance. An upside break above the $3,320 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,450 resistance zone or even $3,500 in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $3,200 resistance, it could start another decline. Initial support on the downside is near the $3,0750 level. The first major support sits near the $3,050.
A clear move below the $3,050 support might push the price toward the $3,020 support. Any more losses might send the price toward the $3,000 support level in the near term. The next key support sits at $2,950.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,050
Major Resistance Level – $3,220
