Ethereum prolonged losses beneath the $3,300 help zone in opposition to the US Dollar. ETH worth even traded beneath $3,200 and may proceed to maneuver down.
- Ethereum began a significant decline from the $3,450 resistance zone.
- The worth is now buying and selling beneath $3,200 and the 100 hourly easy shifting common.
- There is a key bearish pattern line forming with resistance close to $3,425 on the hourly chart of ETH/USD (knowledge feed through Kraken).
- The pair stays at a threat of extra losses beneath the $3,140 and $3,120 ranges.
Ethereum Price Extends Downsides
Ethereum fashioned a high and began a significant decline beneath the $3,400 degree. ETH even traded beneath the $3,340 degree to maneuver additional right into a bearish zone.
The bears gained tempo for a transfer beneath the $3,300 degree and the 100 hourly easy shifting common. Ether even spiked beneath the $3,200 degree and traded as little as $3,143. It is now consolidating above the $3,150 degree. It is buying and selling beneath $3,200 and the 100 hourly easy shifting common.
On the upside, an preliminary resistance is seen close to the $3,240 degree. It is near the 23.6% Fib retracement degree of the current decline from the $3,548 swing excessive to $3,143 low.
The subsequent main resistance is close to the $3,345 degree. It coincides with the 50% Fib retracement degree of the current decline from the $3,548 swing excessive to $3,143 low. The predominant resistance is now forming close to the $3,400 degree. There can be a key bearish pattern line forming with resistance close to $3,425 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
If ether worth clears the $3,400 resistance zone, it may begin a good improve. In the acknowledged case, the worth may climb above the $3,450 zone. The subsequent key barrier is close to the $3,500 degree.
More Losses in ETH?
If ethereum fails to start out a recent improve above the $3,400 degree, it may proceed to maneuver down. An preliminary help on the draw back is close to the $3,140 zone.
The subsequent main help is close to the $3,120 degree. If there’s a draw back break beneath the $3,120 help, the worth may acquire bearish momentum. In the acknowledged case, there’s a threat of a transfer in the direction of the $3,000 degree.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now gaining tempo within the bearish zone.
Hourly RSI – The RSI for ETH/USD is now beneath the 50 degree.
Major Support Level – $3,120
Major Resistance Level – $3,400
