The recent trend in the Ethereum market has been less than ideal for investors as the price of ETH failed to clear the $3,280 resistance zone. The cryptocurrency declined below the $3,200 support level and is now consolidating losses above $3,100. This downward movement came after Ethereum struggled to break through the $3,250 and $3,280 resistance levels.
Looking at the technical indicators, there was a break below a key bullish trend line with support at $3,190 on the hourly chart of ETH/USD. This break signaled a shift in momentum from bullish to bearish, leading to the pair declining below $3,150 and testing $3,100. The price is currently trading below $3,200 and the 100-hourly Simple Moving Average, facing immediate resistance near the $3,180 level.
If Ethereum manages to break through the $3,200 resistance, it could gain traction and rise toward the $3,250 level. A close above this resistance could potentially send the price towards $3,280, with further gains pushing Ether towards the $3,350 resistance zone. However, if Ethereum fails to clear the $3,200 resistance, it might continue its downward trend.
Initial support on the downside is near the $3,120 level, followed by a major support level at $3,100. The main support is located at the $3,030 level, and a clear move below this support could increase selling pressure, potentially pushing the price towards $2,850. Further losses might result in the price dropping to the $2,650 level in the near term.
The Ethereum price struggle continues as the cryptocurrency faces resistance levels at $3,200, $3,250, and $3,280. The recent decline below key support levels indicates a shift towards a bearish trend, with the potential for more losses if Ethereum fails to break through the resistance levels. Investors are advised to conduct their own research and consider the risks involved before making any investment decisions in the volatile crypto market.