Ethereum has begun a new drop against the US Dollar, having breached the $3,450 level. To initiate a new upward movement, the ETH price must remain above $3,200.
From the $3,480 and $3,450 resistance levels, Ethereum began a new drop.
Price has fallen below $3,300 and the 100 hourly simple moving average.
On the hourly chart of ETH/USD, a break below a critical bullish trend line with support near $3,300 occurred (data feed via Kraken).
The pair could resume its upward trend if it maintains a price above the $3,200 support zone.
The Ethereum Price Remains Stable
Ethereum’s upward momentum has stalled above the $3,450 resistance zone. ETH reached a high near $3,446 and then began a new drop.
A break below the $3,350 support level and the 100 hourly simple moving average occurred. Additionally, on the hourly chart of ETH/USD, a break below a significant bullish trend line with support near $3,300 occurred. The price of ether has fallen below the $3,300 mark and the 100 hourly simple moving average.
It even fell below $3,250, forming a low near $3,215. Price is consolidating gains above the $3,200 mark at the moment.
Near the $3,270 mark, there is instant resistance. It is currently trading near the 23.6 percent Fibonacci retracement level of the recent slide from the $3,446 high to the $3,215 low. The next significant resistance level is near $3,300. Ether’s price must break through the $3,300 barrier level to initiate a new surge.
In the aforementioned scenario, the price could potentially exceed $3,350, the 50% Fib retracement level of the latest slide from the $3,446 high to the $3,215 low. The bulls’ next significant upside target may be $3,450.
Additional ETH losses?
If ethereum is unable to reclaim the $3,300 mark, it may continue to fall. On the downside, initial support is located near the $3,240 level.
The next significant support level is near $3,220. The primary support is located near the $3,200 level. A breach below the $3,200 support zone on the downside might trigger a severe fall. In the aforementioned scenario, there is a possibility of a move toward the $3,050 mark.
MACD on an hourly basis — The MACD for ETH/USD is gradually losing momentum in the bearish zone.
Hourly Relative Strength Index – The RSI for ETH/USD has fallen below the 50 level.
Significant Support – $3,200
$3,350 – Significant Resistance Level
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.