Ethereum price recently experienced a rally above the $3,300 level, reaching as high as $3,350 before starting a sharp decline below $3,300. This movement indicates a struggle between bulls and bears in the market, with the price currently trading below $3,220 and the 100-hourly Simple Moving Average. A key bullish trend line with support at $3,250 was broken, signaling a shift in market sentiment.
ETH outperformed Bitcoin for a short period, clearing the $3,300 resistance level before facing resistance near $3,350. The subsequent decline below $3,300 led to a break below the 50% Fib retracement level, as well as the key bullish trend line at $3,250. Currently, Ethereum is trading below $3,220 and the 100-hourly Simple Moving Average, with potential support at $3,165 and the 61.8% Fib retracement level.
The immediate resistance for Ethereum is around $3,210, followed by a major resistance at $3,250. If the price manages to surpass $3,350, it could gain traction and target higher resistances at $3,465, $3,550, and potentially $3,680. However, failure to clear the $3,210 resistance could lead to further downward movement, with initial support at $3,180 and major support at $3,165. A break below $3,070 support could indicate more losses towards $3,030 and even $2,880 in the near term.
The Hourly MACD for ETH/USD is showing momentum in the bearish zone, indicating a potential continuation of the downward trend. Additionally, the Hourly RSI has dropped below the 50 level, further supporting a bearish outlook for Ethereum price.
The recent price action of Ethereum demonstrates a battle between bulls and bears, with key resistance and support levels to watch. While there is potential for further upside if resistance levels are broken, the technical indicators suggest a bearish momentum in the short term. Traders and investors are advised to conduct thorough research and analysis before making any investment decisions, as the market carries inherent risks.