The Ethereum price has been on a rollercoaster ride, extending losses below the $3,320 support and testing the $3,240 support zone. Despite some minor upward movements, the price remains below $3,400 and the 100-hourly Simple Moving Average. A key bearish trend line has formed with resistance near $3,440, indicating a challenging road ahead for Ethereum.
Ethereum faced obstacles in starting a fresh increase above the $3,500 zone, following Bitcoin’s bearish path. The bears pushed the price below the $3,320 support zone, with a low at $3,230. While there have been attempts to correct losses, the price remains below $3,450 and the 100-hourly Simple Moving Average.
On the upside, Ethereum could face resistance near the $3,375 level, the 50% Fib retracement level, and the key resistance at $3,450. A break above this level might lead to further gains, with the next key resistance at $3,540 and the potential to reach $3,620 and even $3,650. However, failure to clear the $3,450 resistance could signal another decline, with initial support at $3,325 and major support at the $3,240 zone.
The Hourly MACD for ETH/USD is losing momentum in the bearish zone, indicating potential further downside. The Hourly RSI is now above the 50 zone, suggesting some resilience in the face of challenges but with an uncertain outlook.
Ethereum’s price is facing significant hurdles in its journey, with bearish trends and resistance levels to overcome. While there is potential for upside movement if key resistance levels are broken, failure to do so could lead to further losses. Traders and investors should remain cautious and monitor the technical indicators closely for insights into the future direction of Ethereum’s price.