Will the Ethereum price upward trend resume?These can be hurdles to be aware of

Ethereum price extended its decline below the $3,320 support zone. ETH is currently consolidating and a break above $3,320 could start a new rally.

• Ethereum remained in the bearish zone and traded below the $3,320 support zone.
• The price is trading below $3,400 and the 100-hour simple moving average.
• The hourly chart of ETH/USD (data feed via Kraken) has a major bearish trend line forming with resistance near $3,320.
• The pair could gain bullish momentum if it breaks above the $3,320 resistance zone.

Ethereum price faces resistance

Ethereum price remained in the bearish zone below the $3,500 level on the hourly time frame. ETH, like Bitcoin, extended its decline below the $3,320 support level.

The price soared to below $3,220. A low was formed at $3,215 and the price is currently attempting a recovery wave. There was a move above the $3,250 level. We tested the 23.6% Fib retracement level of the downwave from the swing high of $3,655 to the low of $3,215.

Ethereum is currently trading below $3,400 and its 100-hourly simple moving average. Immediate resistance is near his $3,320 level. On the hourly chart of ETH/USD, there is also a major bearish trendline forming resistance near $3,320.

The first major resistance level is near the $3,350 level. The next major resistance lies at $3,440, or the 50% fibritracement level of the downside wave from the swing high of $3,655 to the low of $3,215, above which price could test the $3,500 level. there is.

sauce: ETHUSD on TradingView.com

The next major resistance level is seen around the $3,550 level, above which Ether could gain bullish momentum. In the above case, the price could rise towards her $3,680 hurdle. A move above the $3,680 resistance could even push Ethereum higher towards the $3,780 resistance. Any profit above this could require a test of $3,850.

Rejection again with ETH?

If Ethereum fails to clear the $3,320 resistance, further declines are possible. Initial support on the downside is near the $3,250 level.

The first major support is located near the $3,220 zone. The next major support could be the $3,120 zone. A clear break below the support at $3,120 could push the price towards $3,040. Any further losses could push the price closer to the $3,000 level.

technical indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

hourly RSI – The RSI for ETH/USD is currently below the 50 level.

Major Support Level – $3,220

Major Resistance Level – $3,320

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