Ethereum price is facing many hurdles near $3,200. ETH could gain bearish momentum if the price stays below $3,200 and $3,280.
- Ethereum is struggling to recover above the $3,200 resistance zone.
- The price is trading below $3,200 and the 100-hourly Simple Moving Average.
- There was a break below a connecting bullish trend line with support at $3,100 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start another decline if there is a close below the $3,000 support zone.
Ethereum Price Faces Hurdles
Ethereum price started a recovery wave above the $3,000 resistance zone. ETH was able to climb above the $3,120 level. However, the bears were active near the $3,280 resistance zone.
A high was formed at $3,278 and the price started a fresh decline, like Bitcoin. There was a move below the $3,200 support zone. The price declined below the 23.6% Fib retracement level of the recovery wave from the $2,537 swing low to the $3,278 high.
More Losses In ETH?
If Ethereum fails to clear the $3,200 resistance, it could continue to move down. Initial support on the downside is near the $3,000 level.Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $3,000 Major Resistance Level – $3,200