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Ethereum price remained below the $3,500 resistance while Bitcoin recovered. ETH consolidates above $3,120 and faces many hurdles.
- Ethereum failed to accelerate to close above $3,450 and corrected its gains.
- The price is trading below $3,300 and the 100 hourly simple moving average.
- A short-term contracting triangle is forming with resistance at $3,370 on the hourly chart ETH/USD (data feed via Kraken).
- The pair could begin a further rise if it crosses the resistance level of $3,325.
Ethereum Price Remains Stuck in a Range
Ethereum price started a decent rise above the $3,300 level, but the gains were limited compared to Bitcoin. ETH failed to accelerate to close above $3,450 and corrected gains.
There was a move below the $3,320 and $3,300 support levels. A low formed at $3,203 and the price is now consolidating its losses. There was a slight increase above the $3,240 level. The price tested the 23.6% Fib retracement level of the recent decline from the $3,444 high to $3,203 low.
Ethereum price is now trading below $3,300 and the 100 hourly simple moving average. On the upside, the price seems to face obstacles near the $3,260 level. The first major resistance is near the $3,320 level or the 50% Fibonacci retracement level of the recent decline from the $3,444 high to $3,203 low.
The main resistance is now forming near $3,350. There is also a short-term contracting triangle forming with resistance at $3,370 on the ETH/USD hourly chart. A sharp move above the $3,370 resistance could send the price towards the $3,450 resistance.
A bullish break above the $3,450 resistance could lead to more gains in the coming sessions. In the presented case, Ether could reach the resistance zone of $3,500 or even $3,550 in the short term.
More losses in ETH?
If Ethereum fails to clear the $3,325 resistance, it could begin a further decline. Initial downside support is near the $3,200 level. The first major support lies around $3,150.
A sharp move below the $3,150 support could push the price towards the $3,120 support. Any further losses could push the price towards the $3,050 support level in the near term. The next key support lies at $3,000.
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 – $3,200
Major Resistance Level – $3,325
