Ethereum price is currently facing significant challenges as it attempts to recover above the $3,360 resistance zone. Despite showing slight signs of improvement, ETH is now displaying indications of further losses below the $3,300 and $3,250 levels. The hurdles near the $3,350 and $3,360 levels pose a significant threat to any potential upward movement. In addition, the price is currently trading below $3,350 and the 100-hourly Simple Moving Average. A break below a rising channel with support at $3,320 on the hourly chart of ETH/USD via Kraken data feed further compounds the bearish outlook for Ethereum. The possibility of extending losses looms large if the price fails to hold above the critical $3,200 support zone.
Recent Price Action
Recent price action for Ethereum has seen ETH trade below the $3,300 level before witnessing a minor resurgence by the bulls. The price dipped as low as $3,215 before experiencing a slight recovery, much like Bitcoin. Despite climbing above the $3,250 and $3,280 levels temporarily, the bears took control near the $3,360 resistance level. The subsequent struggle between bulls and bears led to a downward reaction in price, resulting in a break below the previously identified rising channel at $3,320 on the hourly chart. Ethereum is currently trading below $3,300 and the 100-hourly Simple Moving Average, with immediate resistance near the $3,300 level and major resistance at $3,360. Further hurdles are expected at the $3,435 and $3,550 levels, with a breakthrough potentially leading to a push towards the $3,650 zone.
In a scenario where Ethereum fails to overcome the $3,360 resistance level, the likelihood of a continued downtrend remains high. Initial support is expected near the $3,240 level, followed by major support at $3,215 and potential key support at $3,200. A decisive breach below the $3,200 mark could trigger a further decline towards $3,120, with additional losses potentially targeting the $3,040 level. Hourly technical indicators also paint a bearish picture, with the MACD for ETH/USD gaining momentum in the bearish zone and the RSI now positioned below the 50 level. Major resistance remains stubbornly at $3,360, while major support is identified at $3,215.
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