Ethereum Price Attempts a Comeback: Is a Rebound Imminent?

• Ethereum started a fresh decline below the $3,500 zone.
• The price is trading below $3,450 and the 100-hourly Simple Moving Average.
• There was a break above a connecting bearish trend line with resistance at $3,300 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a decent increase if it clears the $3,450 and $3,500 resistance levels.

Ethereum Price Stays Above $3,200

Ethereum price struggled to start a fresh increase above the $3,500 level and extended losses like Bitcoin. ETH gained bearish momentum below the $3,400 level and traded below $3,320.

The price is now consolidating above the $3,220 and $3,200 support levels. A low was formed at $3,220 and the price is now consolidating losses. There was a break above the $3,250 level. The price cleared the 50% Fib retracement level of the downward move from the $3,553 swing high to the $3,220 low.

There was a break above a connecting bearish trend line with resistance at $3,300 on the hourly chart of ETH/USD. Ethereum price is now trading below $3,450 and the 100-hourly Simple Moving Average.

On the upside, the price seems to be facing hurdles near the $3,445 level. It is close to the 61.8% Fib retracement level of the downward move from the $3,553 swing high to the $3,220 low. The first major resistance is near the $3,480 level.

The main resistance is now forming near $3,550. A clear move above the $3,550 resistance might send the price toward the $3,650 resistance. An upside break above the $3,650 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,720 resistance zone or even $3,800.

Another Decline In ETH?

If Ethereum fails to clear the $3,445 resistance, it could continue to move down. Initial support on the downside is near the $3,300 level. The first major support sits near the $3,220 zone.

A clear move below the $3,200 support might push the price toward the $3,120 support. Any more losses might send the price toward the $3,050 support level in the near term. The next key support sits at $3,000.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $3,220

Major Resistance Level – $3,445