Ethereum Price Falls Back to $3,200, Recovery Faces Its First Real Test

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 decline from the $3,400 resistance. ETH is now consolidating losses and holding the key support at $3,200. Ethereum started a sharp downside correction below $3,320. The price is trading below $3,250 and the 100-hourly Simple Moving Average. There was a break below a bullish trend line with support at $3,220 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh increase if it stays above the $3,180 zone. Ethereum Price Dips To Support Ethereum price failed to remain stable above $3,300 and started a fresh decline, like Bitcoin . ETH price declined below $3,280 and $3,250 to enter a bearish zone. There was a break below a bullish trend line with support at $3,220 on the hourly chart of ETH/USD. The pair even declined below the 50% Fib retracement level of the recent wave from the $3,060 swing low to the $3,402 high. The price finally tested $3,180. Ethereum price is now trading below $3,250 and the 100-hourly Simple Moving Average . If the bulls can protect more losses below $3,180 or the 61.8% Fib retracement level of the recent wave from the $3,060 swing low to the $3,402 high, the price could attempt another increase. Source: ETHUSD on TradingView.com Immediate resistance is seen near the $3,230 level. The first key resistance is near the $3,250 level. The next major resistance is near the $3,280 level. A clear move above the $3,280 resistance might send the price toward the $3,320 resistance. An upside break above the $3,320 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $3,400 resistance zone or even $3,450 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. A clear move below the $3,180 support might push the price toward the $3,120 support. Any more losses might send the price toward the $3,050 region. The main support could be $3,000. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing 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 – $3,280