- Ethereum exhibited extended downswings, declining beneath the support levels of $3.2K and $3,150.
- Ether trades under the 3.2K mark and 100-hourly SMA.
- The hourly price chart shows a massive bearish trend-line with resistance around $3,120 9Karaken stats).
- The pair should overcome the resistance at $3,120 and $3,150 for new upside movements.
Ethereum continued to fall, losing the support zone at $3,200. The altcoin remains prone to a swift drop beneath $3,000.
ETH Price Meets Resistance
Ethereum price experienced extended drops beneath the support at $3.2K. The leading alternative coin broke the footing at $3,150 and stayed beneath the 100Hhr SMA. The crypto also broke beneath the value level of $3,120, printing a low of around $3,050.
For now, the 2nd-largest crypto corrects the accrued losses. Meanwhile, ETH nears the resistance at $3,085. The mentioned level is around the 23.6% Fibo retracement zone of the latest fall from the $3,192 swing peak to a low of $3,050.
The initial critical resistance stands around the $3,120 mark. Furthermore, the pair’s hourly chart shows a crucial bearish trend-line developing with $3,120 resistance. The trend-line sits near the 50% Fibonacci retracement mark of the latest decline to $3,050 from the swing high of $3,192.
An upward break past the trend-line will see ETH surging towards the resistance at $3,200. The following resistance stands neat $3,225, past which the alt will gain bullish strength. In such a development, ETH might surge to $3,350 in the short term.
Further Drops in Ethereum?
Ethereum’s failure to kick-start a new surge past $3,120 might see the alt extending its downward movements. With that, ETH will discover initial downside support at $3,050. For now, the first vital support develops around $3,000. Breaching this mark might mean accelerating declines in the short term.
With that, bulls will discover the following footing at $2,880. Further losses here may lead to a downward move to $2,750. Meanwhile, Bitcoin’s price actions remain vital in detecting Ethereum’s up-and-coming directional trend.
ETH Technical Indicators
- MACD gains pace in the bearish region.
- RSI stays beneath the 50 mark
- Critical support zone – $3,050
- Crucial resistance zone – $3,120