Ethereum Steady Under $3.5K – Eyes on a Breakout
Ethereum began a new decline from the $3,450 resistance level against the US dollar. To begin a new upward trend, the price of ETH must
Ethereum began a new decline from the $3,450 resistance level against the US dollar. To begin a new upward trend, the price of ETH must remain above $3,200. From the $3,480 and $3,450 resistance levels, Ethereum began a new decline. The price is currently trading below $3,300 and the 100 hourly simple moving average.
On the hourly chart of ETH/USD, there was a break below a key bullish trend line with support near $3,300. If the pair stays above the $3,200 support level, it may begin another rise.
Ethereum’s Price Remains Stable
Ethereum has been unable to gain bullish momentum just above the $3,450 resistance level. ETH reached a high near $3,446 before beginning a new decline. The price fell below the $3,350 support level and the 100 hourly simple moving average. Furthermore, on the hourly chart of ETH/USD, there was a break underneath a key bullish trend line with support near $3,300. The price of Ether is currently trading below $3,300 and the 100 hourly simple moving average.
It even fell below the $3,250 mark, forming a low near $3,215. The price has now begun to consolidate gains just above the $3,200 level. Near the $3,270 level, there is immediate resistance. It is close to the 23.6 percent Fib retracement level of the recent drop from the $3,446 high to the $3,215 low. The next significant resistance is located near $3,300. To begin a new surge, the price of Ether must break through the $3,300 barrier.
In the aforementioned scenario, the price could exceed $3,350, or the 50% Fib retracement level of the precipitous downturn, from the $3,446 high to the $3,215 low. The bulls’ next major stop on the upside could be $3,450.
More ETH Losses?
If Ether does not begin a new upward trend above $3,300, it may continue to fall. On the downside, an initial support level is near $3,240.
The next major support is around $3,220. The main support is around $3,200. A break underneath the $3,200 support level could trigger a sharp decline. There is a risk of a move towards the $3,050 level in the aforementioned scenario. Good luck!
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