Ethereum

Ethereum price faces rejection, is this a new bearish signal?

Published

9 months ago

on

Ethereum price failed to breach the $3,280 resistance zone. ETH fell below the $3,200 support and is now consolidating losses above $3,100.

  • Ethereum struggled to break above the $3,250 and $3,280 resistance levels.
  • The price is trading below $3,200 and the 100 hourly simple moving average.
  • There was a break below a key uptrend line with support at $3,190 on the ETH/USD hourly chart (data feed via Kraken).
  • The pair could continue to decline if it trades below the $3,100 support.

Ethereum Prices Cut Gains

Ethereum price struggled to clear the Resistance levels of $3,250 and $3,280. ETH started a fresh decline and traded below the $3,200 support to enter a short-term bearish zone, as Bitcoin.

Additionally, there was a break below a key uptrend line with support at $3,190 on the ETH/USD hourly chart. The pair even fell below $3,150 and tested $3,100. A low formed at $3,105 and the price is now consolidating its losses.

Ethereum is now trading below $3,200 and the 100 hourly simple moving average. It is testing the 23.6% Fibonacci retracement level of the recent decline from the $3,291 high to $3,105 low.

Immediate resistance is near the $3,180 level and the 100 hourly simple moving average. The first major resistance is near the $3,200 level or the 50% Fibonacci retracement level of the recent decline from the $3,291 high to $3,105 low.

Source: ETHUSD on TradingView.com

The next key resistance lies at $3,220, above which the price could gain ground and reach the $3,250 level. A close above the $3,250 resistance could push the price towards the $3,280 resistance. If there is a move above the $3,280 resistance, Ethereum could even test the $3,350 resistance. Any further gains could send Ether towards the $3,500 resistance zone.

More losses in ETH?

If Ethereum fails to breach the $3,200 resistance, it could continue to decline. Initial downside support is near the $3,120 level. The first major support lies near the $3,100 area.

The main support is near the $3,030 level. A sharp move below the $3,030 support could increase selling pressure and push the price towards $2,850. Any further losses could push the price towards the $2,650 level in the near term.

Technical indicators

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 – $3,100

Major Resistance Level – $3,200

Fuente

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