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Cryptocurrency market prices continue to fluctuate. Ethereum (ETH) has recently struggled to surpass the resistance level of $3,440. However, if ETH trades below a certain level, especially if it breaks the $3,250 support, we can expect further declines.
Ethereum Nears Critical Support
Ethereum is struggling to rise above the $3,370 and $3,440 levels. We see that the price is trading below the $3,380 level and the 100-hour Simple Moving Average.
On the hourly chart of the ETH/USD pair, a significant bullish trend line has been breached below the $3,300 support. Therefore, if there is a close below the $3,250 support zone, the possibility of increased losses should not be ignored.
Hope for Ethereum Price Recovery Dwindles
Recently, there was a new wave of recovery in Ethereum’s price, similar to Bitcoin, above the $3,300 and $3,320 levels. However, even though ETH surpassed the $3,400 level, bears are actively present near the $3,440 region.
A new high level formed around $3,443, but there was a break below a major bullish trend line with support at $3,300 on the hourly chart of ETH/USD. This reduced the price’s gains and led to a retest of the $3,250 support. The price retreated to as low as $3,253 and is currently trying to consolidate its losses.
Critical Levels
The immediate resistance level is around $3,320. The first major resistance is near the $3,350 level. The next critical resistance level is around $3,440, and if ETH price moves above this level, it could test the $3,500 level.
Currently, ETH is finding support near the $3,250 level as it moves downward. However, falling below this level could lead to further losses.
The first major support is near the $3,220 area. However, a move towards the more critical point of $3,200 could put Ethereum in an even more challenging position. A clear drop below the $3,200 support could pull the price down to $3,120 and potentially lead to further losses. At this point, the price could fall to the $3,040 level.
Technical Indicators Point to a Downtrend for ETH
Technical indicators also seem to support this possible downtrend. Specifically, the hourly MACD for ETH/USD is gaining momentum in the bearish zone. Similarly, the hourly RSI is also trending below the 50 level, indicating increased selling pressure.
However, it’s too early to lose all hope. The main resistance level is still set at $3,350. If Ethereum can overcome this resistance, it could paint a more positive picture and potentially restart an upward trend.
