Ethereum price struggled to clear the $3,400 zone and corrected gains. ETH is firm near $3,280 and might attempt another increase in the near term.
Ethereum started a downside correction from the $3,400 resistance.
The price is trading near $3,280 and the 100-hourly Simple Moving Average.
There is a key bullish trend line forming with support at $3,280 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start another increase unless there is a close below the $3,250 support zone.
Ethereum Price Holds Firm While Bitcoin Dips
Ethereum price extended its increase above the $3,250 zone. ETH even cleared the $3,350 resistance zone and tested the $3,400 level. Recently, there was a downside correction from the $3,395 high, but it was less compared to Bitcoin.
The price declined below the $3,350 support zone. It declined below the 50% Fib retracement level of the upward move from the $3,201 swing low to the $3,395 high.
Ethereum is now trading near $3,280 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $3,280 on the hourly chart of ETH/USD. The trend line is close to the 61.8% Fib retracement level of the upward move from the $3,201 swing low to the $3,395 high.
If there is a fresh increase, the price could face resistance near the $3,350 level. The first major resistance is near the $3,400 level. The next major hurdle is near the $3,440 level. A close above the $3,440 level might send Ether toward the $3,500 resistance.
The next key resistance is near $3,550. An upside break above the $3,550 resistance might send the price higher toward the $3,720 resistance zone in the near term.
More Losses In ETH?
If Ethereum fails to clear the $3,350 resistance, it could continue to move down. Initial support on the downside is near $3,280. The first major support sits near the $3,250 zone and the trend line.
A clear move below the $3,250 support might push the price toward $3,180. Any more losses might send the price toward the $3,120 support level in the near term. The next key support sits at $3,080.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $3,250
Major Resistance Level – $3,350
Read More from Aayush Jindal on www.newsbtc.com
