Ethereum price recently faced resistance near the $3,400 level and started a downside correction. Currently, ETH is trading near $3,280 and the 100-hourly Simple Moving Average. There is a key bullish trend line forming with support at $3,280 on the hourly chart of ETH/USD. The price could attempt another increase if it stays above the $3,250 support zone.
While Ethereum held firm during this correction, Bitcoin experienced a more significant dip. ETH had extended its increase above $3,250 and even cleared the $3,350 resistance zone. However, it faced resistance near $3,400 and saw a downside correction. The price is now trading near the 61.8% Fib retracement level and the 100-hourly SMA. If there is a fresh increase, ETH could face resistance at $3,350 and $3,400, with further hurdles at $3,440, $3,500, and $3,550.
Should ETH fail to clear the $3,350 resistance, it might continue to move down. Initial support is near $3,280, followed by the $3,250 zone and the bullish trend line. A break below $3,250 could lead to further losses towards $3,180 and potentially down to $3,120. Key support levels also include $3,080. As for technical indicators, the MACD for ETH/USD is losing momentum in the bullish zone, while the RSI is now below the 50 zone.
In conclusion, Ethereum’s price struggled to clear the $3,400 zone but is holding firm near $3,280. The next key levels for ETH include resistance at $3,350, $3,400, and $3,550, with support at $3,280, $3,250, and $3,180. Traders should keep a close eye on these levels and technical indicators to anticipate potential price movements in the near term. If ETH maintains above the support levels, it could attempt another increase in the coming days.
