Ethereum
ETH Gains Under Pressure — TradingView News
Ethereum price has started a downside correction from the $3,500 resistance zone. ETH has fallen below the $3,440 mark and may struggle to stay above $3,380.
- Ethereum corrects gains from $3,500 zone.
- Price is trading above $3,400 and the 100 hourly simple moving average.
- There was a break below a connected bullish trend line with support at $3,420 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to decline further if the price closes below the $3,350 support.
Ethereum price drops $3,500
Ethereum price started a downside correction from the $3,500 resistance zone. ETH fell below the $3,450 and $3,440 support levels to enter a short-term bearish zone, similar to Bitcoin.
There was a break below a bullish trend line connecting the support at $3,420 on the hourly chart of ETH/USD. The pair even climbed below $3,400 and the 23.6% Fibonacci retracement level of the upward move from the $3,048 low to $3,516 high.
Ethereum is now trading above $3,380 and the 100 hourly simple moving average. If the price holds above the 100 hourly simple moving average, it could attempt a fresh increase. On the upside, the price is facing resistance near the $3,440 level.
BTCNews
The first major resistance lies near the $3,450 level. The next major hurdle lies near the $3,500 level. A close above the $3,500 level could send Ether towards the $3,550 resistance. The next key resistance lies near $3,620. An upside break above the $3,620 resistance could send the price higher towards the $3,750 resistance zone in the coming days.
Other disadvantages in ETH?
If Ethereum fails to clear the $3,440 resistance, it could continue lower. Initial support on the downside is near $3,400 and the 100 hourly simple moving average. The first major support is near the $3,350 area.
A clear move below the $3,350 support could push the price towards $3,280 and the 50% Fibonacci retracement level of the upward move from the $3,048 low to $3,516 high. Any further losses could send the price towards the $3,200 support level in the near term. The next key support lies at $3,150.
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 – $3,350
Major Resistance Level – $3,440