Ethereum price continued losses and tested the $3080 support zone. ETH is regaining strength and may aim to test the $3350 resistance zone.

• Ethereum tested the USD 3080 level and started a rebound wave.
• The price is trading below $3,350 and the 100-hour uncomplicated moving average.
• On the hourly chart of the ETH/USD pair (data via Kraken), there was a breakout of the connecting descending trend line with resistance at USD 3220.
• The pair could continue to rally if it holds above the support zone at $3,180.

Ethereum price regains the level above $3,200

Ethereum price continued to decline below the $3,250 support zone. ETH even fell below $3,150 and tested the $3,080 support zone. The low was formed at $3,087 and the price is now rising but lacks the momentum like Bitcoin.

There was a move above the $3,200 resistance. The price broke through the 23.6% Fibonacci retracement level of the downward move from the $3,500 high to the $3,087 low. Additionally, there was a break of the connecting bearish trendline with the $3,220 resistance on the ETH/USD hourly chart.

Ethereum continues to trade below $3,350 and the 100-hour uncomplicated moving average. If there are more gains, the price could face resistance near the $3,300 level.

The first major resistance is near the $3,350 level, the 100-hour uncomplicated moving average and the 61.8% Fibonacci retracement level of the downward move from the $3,500 high to the $3,087 low. The next major obstacle is near the $3,400 level. A close above the $3,400 level could send Ether toward the $3,500 resistance.

The next key resistance is located near $3,550. A break of the $3,550 resistance level could see the price rally towards the $3,720 resistance zone in the coming days.

Another ETH drop?

If Ethereum fails to break through the $3,300 resistance, it could begin another decline. Initial support on the downside is near $3,185. The first major support is near the $3,120 zone.

A clear move below the $3120 support could push the price towards the $3080 support level. Any further losses could send the price towards the $3020 support level in the near future. The next key support is at $2950.

Technical indicators

Hourly MACD – The MACD for the ETH/USD pair is gaining momentum in the growth zone.

Hourly RSI – The RSI indicator for the ETH/USD pair has already exceeded the level of 50.

Major Support Level – $3,185

Main resistance level – $3350