Ethereum price barely broke through the $3,400 zone and corrected the growth. ETH is holding firmly around $3,280 and may try to rise again in the near future.
- Ethereum has started a downward correction from the $3400 resistance.
- The price is hovering around $3280 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed from Kraken) shows a key bullish trend line forming with support at $3,280.
- The pair may start a new growth unless there is a close below the $3250 support zone.
Ethereum Price Remains Stable While Bitcoin Falls
Ethereum price continued its rise above the $3250 zone. ETH even broke the $3350 resistance zone and tested the $3400 level. There was a downward correction from the $3395 high recently, but it was smaller compared to Bitcoin.
The price has fallen below the $3,350 support zone. It has fallen below the 50% Fibonacci retracement level of the upward move from the $3,201 swing low to $3,395 high.
Ethereum is currently trading around $3,280 and the 100-hour simple moving average. There is also a key bullish trendline forming with support at $3,280 on the hourly ETH/USD chart. The trendline is close to the 61.8% Fibonacci retracement level of the upward move from the $3,201 swing low to $3,395 high.
If there is a new rally, the price may face resistance around $3,350. The first major resistance is around $3,400. The next major hurdle is around $3,440. A close above $3,440 could send Ether towards the $3,500 resistance.
The next key resistance is around $3,550. A break above the $3,550 resistance could send the price higher towards the $3,720 resistance zone in the near term.
New losses in ETH?
If Ethereum fails to break the $3,350 resistance, it may continue to move lower. Initial support on the downside is around $3,280. The first major support is around the $3,250 zone and the trend line.
A clear move below the $3,250 support could push the price towards $3,180. Any further losses could push the price towards the $3,120 support level in the near future. The next key support is at $3,080.
Technical indicators
Hourly MACD – MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently below the 50 zone.
The main support level is $3250.
The main resistance level is $3,350.
