Ethereum price has recently corrected gains and dropped below the $3,300 level, causing concern among investors. The price is currently consolidating and facing obstacles near the $3,300 resistance zone, indicating a short-term bearish trend.
The hourly chart of ETH/USD shows a break below a key bullish trend line with support at $3,295. The pair even dipped below the $3,250 support zone, forming a low at $3,231. Although the price recovered slightly and traded above $3,280, it is still trading below $3,300 and the 100-hourly Simple Moving Average.
If Ethereum manages to break above the $3,330 resistance zone, it could face hurdles near $3,350 and $3,400. A close above the $3,500 resistance level might lead to a further rally towards the $3,650 resistance zone. However, failure to surpass the $3,330 resistance could result in a continued downward movement.
In case of further losses, the initial support is near $3,250, with a major support level at $3,230. A clear break below $3,230 could push the price towards $3,180, followed by the $3,080 support level. The next key support level is at $3,020, indicating potential downside risk for investors.
The hourly MACD for ETH/USD is losing momentum in the bearish zone, while the hourly RSI is below the 50 zone, signaling a potential shift towards bearish sentiment among investors. This could impact trading strategies and decision-making processes in the short term.
Overall, the recent correction in Ethereum price has raised concerns among investors, highlighting the importance of closely monitoring resistance and support levels, as well as technical indicators. It is crucial for investors to stay informed and adapt their strategies in response to market fluctuations to mitigate risks and maximize potential returns.