Ethereum price is facing several hurdles near $3,200. ETH may accelerate bearish momentum if the price remains below $3,200 and $3,280.
- Ethereum is struggling to recover above the $3,200 resistance zone.
- The price is under $3,200 and has a simple 100-hour moving average.
- There was a break below the connecting bullish trend line with support at $3,100 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair may initiate another decline if it closes below the $3,000 support zone.
The price of Ethereum faces obstacles
Ethereum price started a recovery wave above the $3,000 resistance zone. ETH was able to climb above the $3,120 level. However, bears are active near the $3,280 resistance area.
A high was formed at $3,278 and the price started a new decline as Bitcoin. There was a move below the $3,200 support zone. The price dropped from the $2,537 swing low to $3,278 high below the 23.6% Fib retracement level of the recovery wave.
There was also a break below the connecting bullish trend line with support at $3,100 on the hourly chart of ETH/USD. Ethereum is now trading below $3,200 and the 100-hour simple moving average.
Immediate resistance is near the $3,200 level. The first major resistance is near the $3,250 level. The next key resistance sits at $3,280, above which the price may test the $3,350 level. A key hurdle could be $3,500, above which Ether could gain bullish momentum.
Source: ETHUSD on TradingView.com
In the mentioned case, the price may rise towards the $3,620 zone. If there is a move above the $3,620 resistance, Ethereum may also rise towards the $3,750 resistance.
More losses in ETH?
If Ethereum fails to clear the $3,200 resistance, it may continue to move lower. Initial support on the downside is near the $3,000 level.
The first major support is near the $2,900 zone or the 50% Fib retracement level of the recovery wave above $3,278 from the $2,537 swing low. The next major support could be the $2,820 zone. A clear move below the $2,820 support could send the price towards $2,650. Any further losses could send the price towards the $2,550 level.
Technical Director
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major support level – $3,000
Major resistance level – $3,200