Ethereum’s price continues to face challenges as it struggles to recover from recent losses. The cryptocurrency extended its decline below the $3,320 support level, testing key support at $3,240. Despite attempts to rally above the $3,380 resistance, Ethereum remains below $3,400 and the 100-hourly Simple Moving Average.
A notable bearish trend line has formed with resistance near $3,440 on the hourly chart of ETH/USD, highlighting the uphill battle for Ethereum bulls. The failure to break above key resistance levels at $3,380 and $3,400 suggests further downside pressure may be imminent.
While Ethereum may find some relief in minor upward movements above $3,300 and $3,320, major resistance levels loom ahead. The $3,450 level poses a significant hurdle, along with the 50% Fib retracement level from the recent drop. Additionally, the $3,540 resistance marks a key milestone for bullish momentum to gain traction.
Should Ethereum fail to overcome the $3,450 resistance barrier, a retest of support levels near $3,325 and $3,240 is likely. A clear break below $3,240 could signal further losses for Ethereum, potentially pushing the price toward $3,200 and beyond.
Looking at technical indicators, the MACD for ETH/USD shows signs of losing bearish momentum, while the RSI hovers above the 50 zone. These indicators suggest a mixed outlook for Ethereum, with potential for both bullish and bearish scenarios depending on the market’s response to key resistance levels.
Ethereum’s price analysis reveals a challenging path ahead as the cryptocurrency struggles to recover from recent losses. With key resistance levels posing significant obstacles, Ethereum faces an uphill battle to regain bullish momentum. Traders and investors must closely monitor price movements and technical indicators to navigate the volatile cryptocurrency market effectively.
