Ethereum Price Battles Resistance: Can ETH Regain Momentum?

Ethereum price corrected gains and traded below the $3,300 level. ETH is consolidating and facing hurdles near the $3,300 resistance zone.

  • Ethereum started a downside correction from the $3,400 resistance.
  • The price is trading below $3,330 and the 100-hourly Simple Moving Average.
  • There was a break below a key bullish trend line with support at $3,295 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start another increase if it clears the $3,330 resistance zone.

Ethereum Price Extends Losses Below $3,300

Ethereum price failed to clear the $3,400 resistance zone and started a downside correction, like Bitcoin. ETH traded below the $3,330 and $3,300 support levels to enter a short-term bearish zone.

There was a break below a key bullish trend line with support at $3,295 on the hourly chart of ETH/USD. The pair even spiked below the $3,250 support zone. A low is formed at $3,231 and the price is now consolidating losses. It recovered some losses and traded above $3,280.

The price tested the 50% Fib retracement level of the downward move from the $3,362 swing high to the $3,231 low. Ethereum price is now trading below $3,300 and the 100-hourly Simple Moving Average.

If there is a fresh increase, the price could face resistance near the $3,300 level and the 100-hourly Simple Moving Average. The first major resistance is near the $3,330 level and the 76.4% Fib retracement level of the downward move from the $3,362 swing high to the $3,231 low.

Source: ETHUSD on TradingView.com

The next major hurdle is near the $3,350 level. A close above the $3,350 level might send Ether toward the $3,400 resistance. The next key resistance is near $3,500. An upside break above the $3,500 resistance might send the price higher toward the $3,650 resistance zone in the near term.

Another Decline In ETH?

If Ethereum fails to clear the $3,330 resistance, it could continue to move down. Initial support on the downside is near $3,250. The first major support sits near the $3,230 zone.

A clear move below the $3,230 support might push the price toward $3,180. Any more losses might send the price toward the $3,080 support level in the near term. The next key support sits at $3,020.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 zone.

Major Support Level – $3,230

Major Resistance Level – $3,330

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