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Ethereum price extended losses and dropped below the $3,450 area. ETH is now recovering some losses and may go higher if it clears the $3,445 resistance.
- Ethereum started a new low below the $3,500 area.
- The price is trading below $3,450 and the 100-hour Simple Moving Average.
- There was a break above the connecting bearish line associated with the $3,300 resistance on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a positive uptrend if it clears the $3,450 and $3,500 resistance levels.
Ethereum Price Remains Above $3,200
Ethereum price struggled to start a new rally above the $3,500 level and extended losses similar to Bitcoin. ETH found bearish momentum below the $3,400 level and traded below $3,320.
The price is now consolidating above the $3,220 and $3,200 support levels. A low was formed at $3,220 and the price is now covering losses. There was a break above the $3,250 level. The price cleared the 50% Fib retracement level to the downside from the $3,553 swing high to $3,220 low.
There was a break above the bearish line connecting with resistance at $3,300 on the hourly chart of ETH/USD. Ethereum price is now trading below $3,450 and the 100-hour Simple Moving Average.
On the other hand, the price seems to be facing obstacles near the $3,445 level. It is near the 61.8% Fib retracement level of the downside from the $3,553 swing high to the $3,220 low. The first major resistance is near the $3,480 level.
Key resistance now forms around $3,550. A clear move above the $3,550 resistance could send the price to the $3,650 resistance. A break above $3,650 may call for additional gains in future sessions. In the mentioned case, Ether can rise to the resistance area of ​​$3,720 or even $3,800.
Another Drop in ETH?
If Ethereum fails to clear the $3,445 resistance, it could continue to decline. The first support on the downside is near the $3,300 level. The first major support sits near the $3,220 area.
A clear move below the $3,200 support could push the price towards the $3,120 support. Another loss could send the price to the $3,050 support level in the near term. The next key support remains at $3,000.
Technical References
MACD per hour – The MACD of ETH/USD is losing momentum in bearish territory.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $3,220
Major Resistance Level – $3,445
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