The Ethereum price has recently corrected gains and dipped below the $3,300 level. This correction began after failing to break through the $3,400 resistance zone. Currently, ETH is consolidating and facing hurdles near the $3,300 resistance level. The price is trading below $3,330 and the 100-hourly Simple Moving Average, indicating a short-term bearish trend.
A key bullish trend line with support at $3,295 was breached on the hourly chart of ETH/USD, leading to a further decline in price. The pair even dropped below the $3,250 support zone, forming a low at $3,231 before consolidating losses. Although there was a slight recovery above $3,280, the price is still below $3,300 and the 100-hourly Simple Moving Average.
If Ethereum manages to initiate another increase, it will face resistance near the $3,330 level and the 100-hourly Simple Moving Average. The first major resistance is at $3,330, followed by the 76.4% Fib retracement level near the $3,350 level. A break above $3,350 could push Ether towards the $3,400 resistance and potentially even reach $3,500. Further upside momentum might lead to the price testing the $3,650 resistance zone in the near term.
In case Ethereum fails to clear the $3,330 resistance, it could continue moving downward. Initial support is at $3,250, followed by the major support level at $3,230. A break below $3,230 might push the price towards $3,180, with further losses potentially testing the $3,080 support level and ultimately the $3,020 zone.
The Hourly MACD for ETH/USD is showing signs of losing momentum in the bearish zone. Meanwhile, the Hourly RSI has dipped below the 50 zone, further supporting the current downward trend in Ethereum price.
The recent correction in Ethereum price has led to a short-term bearish trend, with key resistance levels at $3,330 and $3,350. A failure to clear these levels might result in further downside movement towards $3,230 and $3,180 support levels. Traders and investors should closely monitor the price action to determine the next potential direction of Ethereum in the cryptocurrency market.