Ethereum Price at Risk: Could $3K Be Tested Soon?

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Ethereum price failed to clear the $3,450 resistance and extended losses. ETH is struggling and might continue to move down if it stays below $3,500.


  • Ethereum started a fresh decline from the $3,450 zone.


  • The price is trading below $3,400 and the 100-hourly Simple Moving Average.


  • There is a connecting bearish trend line forming with resistance at $3,340 on the hourly chart of ETH/USD (data feed via Kraken).


  • The pair could struggle to start a fresh increase above the $3,400 resistance level.


Ethereum Price Extend Losses


Ethereum price failed to start a recovery wave above the $3,500 level and extended losses like Bitcoin. ETH declined below the $3,450 and $3,400 support levels.


There was a clear move below $3,350 and $3,320. A low was formed at $3,213 and the price is now consolidating below the 23.6% Fib retracement level of the recent decline from the $3,743 swing high to the $3,213 low. There is also a connecting bearish trend line forming with resistance at $3,340 on the hourly chart of ETH/USD.


Ethereum price is now trading below $3,400 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,350 level and the trend line.


The first major resistance is near the $3,475 level or the 50% Fib retracement level of the recent decline from the $3,743 swing high to the $3,213 low. The main resistance is now forming near $3,500. A clear move above the $3,500 resistance might send the price toward the $3,550 resistance.


Ethereum Price

An upside break above the $3,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,650 resistance zone or even $3,720 in the near term.


More Losses In ETH?


If Ethereum fails to clear the $3,400 resistance, it could start another decline. Initial support on the downside is near the $3,280 level. The first major support sits near the $3,220.


A clear move below the $3,220 support might push the price toward the $3,150 support. Any more losses might send the price toward the $3,050 support level in the near term. The next key support sits at $3,000.


Technical Indicators


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


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


Major Support Level – $3,250


Major Resistance Level – $3,400

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

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