Ethereum price failed to break through the $3,520 zone and began a up-to-date decline. ETH fell below the $3,250 support and even tested the $3,150 zone.

• Ethereum started a up-to-date decline below the $3,320 and $3,250 levels.
• The price is trading below $3,250 and the 100-hour uncomplicated moving average.
• On the ETH/USD hourly chart (data via Kraken), a key downtrend line is forming with resistance near $3,325.
• The pair may recover losses, but growth may be restricted above the USD 3,320 zone.

Ethereum price is falling

Ethereum price failed to sustain above the $3450 and $3420 resistance levels. ETH began another decline below the $3320 support zone, similar to Bitcoin. There was a move below the $3250 and $3220 support levels.

Price fell 5% and even tested the $3150 support. A low formed at $3156 and price is now consolidating losses. There was a move above the $3200 resistance level. Price is now testing the 23.6% Fibonacci retracement level of the downward move from the $3426 high to the $3156 low.

Ethereum is trading below $3,300 and the 100-hour uncomplicated moving average. If a recovery wave occurs, the price could encounter resistance near the $3,250 level. The first major resistance is near the $3,300 level or the 50% Fibonacci retracement level of the downward move from the $3,426 high to the $3,156 low.

The ETH/USD hourly chart is also seeing a key bearish trendline forming with resistance near $3325. The next major obstacle is near $3365. A close above $3365 could send Ether towards the $3450 resistance. The next key resistance is near $3500. An upward break of the $3500 resistance could see the price rally. Any further gains could send Ether towards the $3550 resistance zone.

Another ETH drop?

If Ethereum fails to break through the $3320 resistance, it could continue to fall. Initial support on the downside is near $3200. The first major support is near the $3150 zone.

A clear move below the $3150 support could push the price towards $3080. Any further losses could send the price towards the $3050 level in the near future.

Technical indicators

Hourly MACD – MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSI – The RSI for the ETH/USD pair is currently below the 50 level.

Major Support Level – $3,150

Main resistance level – $3320