Ethereum Price Retreats From Resistance—Is a Trend Reversal Starting?

Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Ethereum price started a fresh increase above $3,35 0. ETH is now correcting gains from $3,450 and might decline further below $3,200. Ethereum started a downside correction from the $3,450 zone. The price is trading near $3,200 and the 100-hourly Simple Moving Average. There was a break below a bullish trend line with support at $3,240 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move down if it settles below the $3,200 zone. Ethereum Price Declines Heavily Ethereum price managed to stay above $3,200 and started a fresh increase, beating Bitcoin . ETH price gained strength for a move above the $3,320 and $3,350 resistance levels. The bulls even pushed the price above $3,400. However, the bears were active below $3,450. A high was formed at $3,448 and the price is now correcting gains. There was a sharp decline below the 23.6% Fib retracement level of the upward wave from the $2,914 swing low to the $3,448 low. Besides, there was a break below a bullish trend line with support at $3,240 on the hourly chart of ETH/USD. Ethereum price is now trading near $3,200 and the 100-hourly Simple Moving Average. Source: ETHUSD on TradingView.com If there is another upward move, the price could face resistance near the $3,250 level. The next key resistance is near the $3,300 level. The first major resistance is near the $3,320 level. A clear move above the $3,320 resistance might send the price toward the $3,400 resistance. An upside break above the $3,400 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $3,450 resistance zone or even $3,500 in the near term. More Losses In ETH? If Ethereum fails to clear the $3,250 resistance, it could start a fresh decline. Initial support on the downside is near the $3,200 level. The first major support sits near the $3,180 zone and the 50% Fib retracement level of the upward wave from the $2,914 swing low to the $3,448 low. A clear move below the $3,180 support might push the price toward the $3,150 support. Any more losses might send the price toward the $3,050 region. The next key support sits at $3,000. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major Support Level – $3,180 Major Resistance Level – $3,300