If Ethereum closes above a key level, it could avoid a major downtrend

Ethereum fell sharply below the $3,250 support against the US Dollar. ETH price tested $3,000 before attempting an upward correction.

  • Ethereum started to decline again and fell below the $3,150 support zone.
  • The price traded below $3,250 and the 100 hourly simple moving average.
  • There was a break above a key bearish trend line with resistance near $3,100 on the hourly chart of ETH/USD (data feed via Kraken).
  • If prices move significantly above $3,300, the pair could start a major recovery wave.

Ethereum Price Still at Risk

Ethereum fails to clear $3,350 resistance and starts Another big drop. ETH broke below the $3,250 and $3,120 support levels to move further into bearish territory.

The price surged to $3,000 and traded as low as $3,006. More recently, there has been a minor upside correction above $3,120 and $3,150. Additionally, there was a break above a key bearish trend line with resistance near $3,100 on the hourly chart of ETH/USD.

Ether price even climbed above $3,200, but did not continue to rise. Ether prices started a new round of declines and fell below $3,200.

The price fell from the $3,006 swing low to $3,209 high, below the 23.6% Fib retracement level. On the upside, immediate resistance lies near $3,200.The next major resistance is near $3,250, while 100 hourly simple moving average.

Source: ETHUSD on TradingView.com

The main resistance is near $3,000. A break above the $3,300 level could spark a nice recovery wave. The next key resistance is near $3,450.

ETH to lose more?

If Ethereum fails to start a fresh rise above $3,250, it could continue to decline. Initial support on the downside is near $3,120.

The first key support is now forming near $3,100. It is close to the 50% Fib retracement level from the $3,006 swing low to $3,209 high. A break below the $3,100 level could lead the price to the key $3,000 support level in the near term.

Technical indicators

Hourly MACDThe MACD for ETH/USD is now entering bearish territory.

Hourly RSIThe RSI for ETH/USD is above the 50 level.

Major Support Level – $3,100

Major Resistance – $3,300

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