The Ethereum price recently experienced a correction in gains, leading it to trade below the $3,300 level. ETH is currently consolidating and encountering obstacles near the $3,300 resistance zone. The downside correction began from the $3,400 resistance level, causing the price to drop below $3,330 and the 100-hourly Simple Moving Average. Additionally, a key bullish trend line with support at $3,295 was broken on the hourly chart of ETH/USD, indicating a short-term bearish trend.
After trading below $3,300, Ethereum formed a low at $3,231 before recovering some losses and rising above $3,280. The price then tested the 50% Fib retracement level, signaling a potential increase if it clears the $3,330 resistance zone. The major hurdles for ETH include resistance levels at $3,300, $3,330, and $3,350. A breakthrough above $3,350 could propel Ethereum towards the $3,400 resistance, followed by a potential rise to $3,500 and even $3,650 in the near future.
In case Ethereum fails to surpass the $3,330 resistance, it might continue to move downwards. Initial support lies at $3,250, with the first major support near the $3,230 zone. A clear breach of the $3,230 support level could push the price further down towards $3,180 and potentially $3,080. The next key support stands at $3,020, suggesting a bearish outlook if the price fails to break above resistance levels.
On the technical side, the hourly MACD for ETH/USD is losing momentum in the bearish zone, while the hourly RSI is below the 50 zone. These indicators signal a potential continuation of the downside correction and the importance of breaking through resistance levels for a bullish momentum.
Overall, the Ethereum price correction and struggles to surpass key resistance levels indicate a period of consolidation and potential downside risks. Traders and investors should closely monitor the price movement and technical indicators to anticipate the next direction of Ethereum in the volatile crypto market.
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