The Ethereum price has faced challenges in clearing the $3,280 resistance zone. With a decline below the $3,200 support level, ETH is now in a phase of consolidating losses above $3,100. The struggle to surpass the $3,250 and $3,280 resistance levels has resulted in the price trading below $3,200 and the 100-hourly Simple Moving Average. Additionally, a break below a key bullish trend line with support at $3,190 on the hourly chart of ETH/USD has intensified the bearish sentiment in the market.
The recent price action indicates that Ethereum has entered a short-term bearish zone, mirroring Bitcoin’s movements. The break below the $3,200 support level led to a fresh decline that tested $3,100, forming a low at $3,105. Currently, Ethereum is trading below $3,200 and the 100-hourly Simple Moving Average, testing the 23.6% Fib retracement level of the recent decline from the $3,291 swing high to the $3,105 low.
In the midst of the bearish pressure, Ethereum faces immediate resistance near the $3,180 level and the 100-hourly Simple Moving Average. The first major resistance sits at $3,200, followed by the 50% Fib retracement level of the recent decline from the $3,291 swing high to the $3,105 low. A breakthrough above $3,220 could pave the way for a potential rally towards the $3,250 level, and ultimately, the crucial $3,280 resistance.
On the downside, if Ethereum fails to clear the $3,200 resistance, it may continue its downward trajectory. Initial support rests near the $3,120 level, with a major support zone around $3,100. The critical support level is at $3,030, and a decisive move below it could escalate selling pressure, potentially driving the price towards $2,850. Further losses may lead Ethereum towards the $2,650 level in the near term.
The hourly MACD for ETH/USD is losing momentum in the bearish zone, highlighting the prevailing selling pressure in the market. Additionally, the hourly RSI is now below the 50 level, signaling a bearish sentiment among traders.
The Ethereum price analysis reflects a challenging environment for the cryptocurrency as it grapples with key resistance levels. Traders and investors are advised to exercise caution and conduct thorough research before making any investment decisions, given the inherent risks involved in the volatile cryptocurrency market.