5 April 2024
Ethereum price is struggling to recover above the $3,440 resistance zone. ETH is moving lower and might decline further if it clears the $3,250 support.
Ethereum is struggling to climb above the $3,370 and $3,440 levels.
The price is trading below $3,380 and the 100-hourly Simple Moving Average.
There was a break below a major bullish trend line with support at $3,300 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could extend losses if there is a close below the $3,250 support zone.
Ethereum Price Recovery Fades Again
Ethereum price attempted a fresh recovery wave above the $3,300 and $3,320 levels, like Bitcoin. ETH even climbed above the $3,400 level, but the bears were active near the $3,440 zone.
A high was formed near $3,443 before there was a fresh decline. There was a break below a major bullish trend line with support at $3,300 on the hourly chart of ETH/USD. The price trimmed gains and retested the $3,250 support. The price traded as low as $3,253 and is currently consolidating losses.
It is trading just above the 23.6% Fib retracement level of the downward wave from the $3,443 swing high to the $3,253 low. However, Ethereum is trading below $3,380 and the 100-hourly Simple Moving Average.
Immediate resistance is near the $3,320 level. The first major resistance is near the $3,350 level or the 50% Fib retracement level of the downward wave from the $3,443 swing high to the $3,253 low. The next key resistance sits at $3,440, above which the price might test the $3,500 level.
Source: ETHUSD on TradingView.com
The next key resistance is seen near the $3,550 level, above which Ether could gain bullish momentum. In the stated case, the price could rise toward the $3,650 zone. If there is a move above the $3,650 resistance, Ethereum could even rise toward the $3,750 resistance.
More Losses In ETH?
If Ethereum fails to clear the $3,350 resistance, it could continue to move down. Initial support on the downside is near the $3,250 level.
The first major support is near the $3,220 zone. The next key support could be the $3,200 zone. A clear move below the $3,200 support might send the price toward $3,120. Any more losses might send the price toward the $3,040 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $3,250
Major Resistance Level – $3,350