The Ethereum price is currently facing challenges in recovering above the $3,360 resistance level. Despite some minor recovery waves, the price is now showing signs of potential losses below the $3,300 and $3,250 levels. This struggle is evident as Ethereum encounters multiple hurdles near the $3,350 and $3,360 levels.
Ethereum experienced a brief moment of relief as it traded above the $3,250 and $3,280 levels recently. However, the bears quickly stepped in near the $3,360 resistance level, causing the price to react negatively. This resulted in a break below a rising channel with support at $3,320 on the hourly chart of ETH/USD. The bulls are currently struggling to maintain momentum, and the price is trading below $3,300 and the 100-hourly Simple Moving Average.
Immediate resistance for Ethereum is seen near the $3,300 level, with the first major resistance at $3,360. The next significant resistance levels are at $3,435 and $3,550, followed by the potential for bullish momentum if Ether breaks above $3,650. On the downside, initial support is near $3,240, with major support at $3,215 and the next key support level at $3,200. A clear break below $3,200 could lead to further losses towards $3,120 and potentially even down to $3,040.
Looking ahead, Ethereum’s price movement will largely depend on its ability to break above the key resistance levels or to find support at the crucial levels mentioned. Technical indicators are currently showing bearish signals, with the MACD for ETH/USD gaining momentum in the bearish zone and the RSI dropping below the 50 level.
Ethereum is facing a challenging period in its price recovery journey. With multiple resistance levels to overcome and potential support levels to hold, the future remains uncertain. Traders and investors are advised to conduct thorough research and analysis before making any investment decisions, as the cryptocurrency market carries inherent risks. Stay informed and make decisions based on your own risk tolerance and financial goals.