Ethereum’s price failed to break above the $3,520 resistance zone, signaling a fresh decline in the market. The digital asset plunged below the $3,250 support level and even tested the $3,150 zone, indicating a bearish trend.
With Ethereum trading below $3,250 and the 100-hourly Simple Moving Average, there is a key bearish trend line forming with resistance near $3,325 on the hourly chart of ETH/USD. The pair could experience a correction in losses, but any upside movement might be limited above the $3,320 zone.
Ethereum made an attempt to surpass the $3,450 and $3,420 resistance levels but failed, leading to another decline below the $3,320 support level. The price dropped below the $3,250 and $3,220 support levels, resulting in a 5% decline and a test of the $3,150 support. Now, the price is consolidating losses, with key resistance levels to watch on the upside.
Hourly MACD for ETH/USD is gaining momentum in the bearish zone, while the hourly RSI is now below the 50 zone. These technical indicators suggest that Ethereum’s price is currently facing significant bearish pressure, with the potential for further downside movement.
If Ethereum fails to clear the $3,320 resistance level, it could continue its downward trajectory. Initial support on the downside is near $3,200, with the first major support level sitting around the $3,150 zone. A break below $3,150 could push the price towards $3,080, with further losses potentially leading to the $3,050 level in the near term.
Ethereum’s price is facing significant challenges in breaking key resistance levels and maintaining bullish momentum. The failed attempts to surpass crucial resistance zones have resulted in a bearish outlook for the digital asset. Traders and investors should closely monitor support and resistance levels, as well as technical indicators, to gauge the market sentiment and potential price movements.