Ethereum Price Stuck Below $3,250, Momentum Shifts Downward

Ethereum's price is currently experiencing a downward trend after hitting the $3,300 resistance level. As losses continue to accumulate, ETH now faces the risk of dropping further below $3,150.

Key Takeaways

Ethereum has begun a significant decline, dropping below $3,250.
The current trading price is under $3,220 and below the 100-hour Simple Moving Average.
A short-term declining channel has formed with resistance at $3,210 based on the hourly ETH/USD chart.
If Ethereum holds above $3,160, there might be potential for a price increase.

Ethereum Price Declines Again

Ethereum's Price Challenges Near Resistance Levels

Ethereum's price struggles to maintain stability above $3,280, entering a downward path akin to Bitcoin's recent movements. The price has dropped beneath the $3,250 and $3,220 marks, thereby entering a bearish territory.

The decline pushed Ethereum's price below the 61.8% Fibonacci retracement level, calculated from the recent swing low of $3,060 to the high of $3,402. Currently, the price has tested the $3,160 level and is consolidating losses. A short-term declining channel is developing, with resistance noted at $3,210 on the hourly ETH/USD chart.

Presently, Ethereum is trading below the $3,220 mark and the 100-hour Simple Moving Average. If buyers can prevent further losses below $3,160, there could be a chance for another upward move.

Ethereum Price
Source: ETHUSD on TradingView.com

Immediate resistance can be observed around $3,220. The first significant resistance level is near $3,260, followed by another at $3,280. A strong upward movement beyond the $3,280 level could propel the price toward the $3,320 mark. Should Ethereum break past the $3,320 range, this might lead to further gains in upcoming days, with potential targets reaching the $3,400 or even $3,450 zones shortly.

Possible Continued Downtrend for Ethereum

Should Ethereum struggle to breach the $3,220 resistance level, it may initiate a new decline. Initial support can be found close to the $3,160 range, while the first major support level is around $3,140, coinciding with the 76.4% Fibonacci retracement level from the recent swing low of $3,060 to the high of $3,402.

If the price settles lower than the $3,140 support, it could drop toward the $3,080 support level. Any further losses might bring the price down to the $3,050 area, with a key support level identified at $3,000.

Technical Indicators

Hourly MACD: The MACD for ETH/USD is gaining traction within the bearish zone.
Hourly RSI: The RSI for ETH/USD has dipped below the 50 threshold.
Major Support Level: $3,160
Major Resistance Level: $3,220