Ethereum price extended its decline below the $3,320 support zone. ETH is now consolidating and might start a fresh increase if it clears $3,320.
- Ethereum remained in a bearish zone and traded below the $3,320 support zone.
- The price is trading below $3,400 and the 100-hourly Simple Moving Average.
- There is a major bearish trend line forming with resistance near $3,320 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it settles above the $3,320 resistance zone.
Ethereum Price Faces Resistance
Ethereum price remained in a bearish zone below on the hourly timeframe below the $3,500 level. ETH extended its decline below the $3,320 support level, like Bitcoin.
It even spiked below $3,220. A low was formed at $3,215 and the price is now attempting a recovery wave. There was a move above the $3,250 level. It tested the 23.6% Fib retracement level of the downward wave from the $3,655 swing high to the $3,215 low.Another Rejection In ETH?
If Ethereum fails to clear the $3,320 resistance, it could continue to move down. Initial support on the downside is near the $3,250 level.Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $3,220 Major Resistance Level – $3,320