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Ethereum price remained below the $3,500 resistance level while Bitcoin price rose. ETH is consolidating above $3,120 and facing several hurdles.
- Ethereum failed to accelerate the pace of closing above $3,450 and corrected gains.
- The price is trading below the $3,300 level and the 100 hourly simple moving average.
- There is a short-term contracting triangle forming with resistance at $3,370 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start another increase if it crosses the $3,325 resistance level.
Ethereum price is stuck in a range
Ethereum price started a good upward movement above the $3,300 level, but the gains were limited compared to Bitcoin. ETH failed to consolidate the pace to close above $3,450 and correct gains.
There was a move below the $3,320 and $3,300 support levels. The low was formed at $3,203 and the price is now consolidating losses. There was a slight increase above the $3,240 level. The price tested the 23.6% Fibonacci retracement level of the recent decline from the high of $3,444 to the low of $3,203.
Ethereum price is now trading below $3,300 and the 100 hourly simple moving average. On the upside, the price appears to be facing hurdles near the $3,260 level. The first major resistance is near the $3,320 level or the 50% Fibonacci retracement level of the recent decline from the high of $3,444 to the low of $3,203.
The main resistance is now forming near $3,350. There is also a short-term contracting triangle forming with resistance at $3,370 on the hourly chart of the ETH/USD pair. A clear move above the $3,370 resistance could send the price towards the $3,450 resistance.
A bullish break above the $3,450 resistance may require further gains in the coming sessions. In the mentioned case, Ether could rise towards the $3,500 or even $3,550 resistance area in the near term.
More losses in ETH?
If Ethereum fails to break above the $3,325 resistance level, it could start another decline. Initial support on the downside is near the $3,200 level. The first major support is near the $3,150 level.
A clear move below the $3,150 support level could push the price towards the $3,120 support level. Any further losses could send the price towards the $3,050 support level in the near term. The next major support is at $3,000.
Technical indicators
MACD per hour – The MACD indicator for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 area.
Major support level – $3,200
Major resistance level – $3,325
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