16 April 2024
Ethereum price is facing many hurdles near $3,200. ETH could gain bearish momentum if the price stays below $3,200 and $3,280.
Ethereum is struggling to recover above the $3,200 resistance zone.
The price is trading below $3,200 and the 100-hourly Simple Moving Average.
There was a break below a connecting bullish trend line with support at $3,100 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start another decline if there is a close below the $3,000 support zone.
Ethereum Price Faces Hurdles
Ethereum price started a recovery wave above the $3,000 resistance zone. ETH was able to climb above the $3,120 level. However, the bears were active near the $3,280 resistance zone.
A high was formed at $3,278 and the price started a fresh decline, like Bitcoin. There was a move below the $3,200 support zone. The price declined below the 23.6% Fib retracement level of the recovery wave from the $2,537 swing low to the $3,278 high.
There was also a break below a connecting bullish trend line with support at $3,100 on the hourly chart of ETH/USD. Ethereum is now trading below $3,200 and the 100-hourly Simple Moving Average.
Immediate resistance is near the $3,200 level. The first major resistance is near the $3,250 level. The next key resistance sits at $3,280, above which the price might test the $3,350 level. The key hurdle could be $3,500, above which Ether could gain bullish momentum.
Source: ETHUSD on TradingView.com
In the stated case, the price could rise toward the $3,620 zone. If there is a move above the $3,620 resistance, Ethereum could even rise toward the $3,750 resistance.
More Losses In ETH?
If Ethereum fails to clear the $3,200 resistance, it could continue to move down. Initial support on the downside is near the $3,000 level.
The first major support is near the $2,900 zone or the 50% Fib retracement level of the recovery wave from the $2,537 swing low to the $3,278 high. The next key support could be the $2,820 zone. A clear move below the $2,820 support might send the price toward $2,650. Any more losses might send the price toward the $2,550 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 – $3,000
Major Resistance Level – $3,200