Can Bulls Turn It Around?

Ethereum price struggled to continue higher above $3,220 and dipped. ETH is now consolidating losses and might face resistance near the $3,200 zone.

• Ethereum started a fresh decline below the $3,150 zone.
• The price is trading below $3,200 and the 100-hourly Simple Moving Average.
• There is a key bearish trend line forming with resistance at $3,250 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start another decline if it stays below the $3,220 level.

Ethereum Price Dips Again

Ethereum price started a fresh decline below the $3,250 and $3,200 levels, like Bitcoin. ETH even declined below the $3,050 level before the bulls appeared.

A low was formed at $3,021 and the price recently corrected some losses. There was a move above the $3,120 and $3,150 levels. The price surpassed the 23.6% Fib retracement level of the downward wave from the $3,425 swing high to the $3,021 low.

However, the bears were active near the $3,220 resistance. Ethereum price is now trading below $3,200 and the 100-hourly Simple Moving Average. There is also a key bearish trend line forming with resistance at $3,250 on the hourly chart of ETH/USD.

On the upside, the price seems to be facing hurdles near the $3,150 level. The first major resistance is near the $3,220 level, the trend line, and the 50% Fib retracement level of the downward wave from the $3,425 swing high to the $3,021 low.

The main resistance is now forming near $3,270. A clear move above the $3,270 resistance might send the price toward the $3,350 resistance. An upside break above the $3,350 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,420 resistance zone or even $3,500 in the near term.

More Losses In ETH?

If Ethereum fails to clear the $3,220 resistance, it could start another decline. Initial support on the downside is near the $3,050 level. The first major support sits near the $3,020.

A clear move below the $3,020 support might push the price toward the $3,000 support. Any more losses might send the price toward the $2,950 support level in the near term. The next key support sits at $2,880.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $3,050

Major Resistance Level – $3,020