Ethereum Price Update: Has a Short-Term Peak Been Reached?

Ethereum's price has struggled to surpass the $3,300 resistance level and has experienced a decline. Currently, ETH is showing signs of bearish momentum and could potentially drop to around $3,080.

Key Takeaways

Ethereum is experiencing a correction after failing to breach the $3,300 resistance level.
Currently trading below $3,200 and the 100-hourly Simple Moving Average (SMA).
A decline has been noted below a critical bullish trend line at $3,200.
Continued movement downward is possible if ETH remains beneath the $3,200 mark.

Ethereum Price Update

Ethereum's Price Retreats

Ethereum's price was unable to maintain its momentum above $3,300, leading to a correction similar to Bitcoin's recent performance. The ETH price dipped below $3,240 and $3,220, entering a short-term bearish territory.

A significant trend line with support at $3,200 was broken, and the price even fell below $3,150, reaching a low of $3,123 before beginning to consolidate its losses. During this period, it tested the 23.6% Fibonacci retracement level of the recent decline stretching from the swing high of $3,308 to the low of $3,123.

Currently, Ethereum is trading below both the $3,200 level and the 100-hourly Simple Moving Average. If bulls can protect against further losses below $3,120, there may be a possibility for a rebound. The immediate resistance level is observed close to $3,180.

Moreover, the first key resistance is noted at the $3,200 level, with a significant subsequent resistance point near $3,220, which aligns with the 50% Fibonacci retracement level of the recent drop.

Ethereum Price Analysis Source: ETHUSD on TradingView.com

A decisive move above the $3,220 resistance could prompt the price to advance towards the $3,250 resistance level. A further breakout above this range may lead to additional gains in the upcoming days. In this scenario, Ethereum could aim for the $3,300 resistance area or even touch $3,320 shortly.

Potential Further Losses for ETH?

Should Ethereum struggle to breach the $3,220 resistance, it may initiate another decline. The initial support on the downside is positioned around the $3,120 level, with the first significant support identified near the $3,080 mark.

A clear drop below the $3,080 support level could push Ethereum’s price towards the $3,020 support level. Additional losses could potentially drive the price down to the $3,000 region.

Technical Indicators

Hourly MACD: The MACD for ETH/USD is showing an increasing bearish momentum.
Hourly RSI: The RSI for ETH/USD has now fallen below the 50 mark.
Major Support Level: $3,120
Major Resistance Level: $3,220