Is a rebound brewing? — TradingView News

On By Littum

Ethereum price started a minor recovery wave above the $3,200 zone. ETH is struggling and may continue to move down if it stays below $3,320.

  • Ethereum started a minor recovery wave from the $3,160 zone.
  • The price is trading below $3,320 and the 100-hour Simple Moving Average.
  • A solid bullish trend line is forming with support at $3,250 on the ETH/USD hourly chart (data feed via Kraken).
  • The pair may struggle to start a fresh rise above the $3,320 resistance level.

Ethereum price faces resistance

Ethereum price started a short-term recovery wave from the $3,160 level, just like Bitcoin. ETH was able to recover above the $3,200 and $3,220 resistance levels.

The price cleared the 23.6% Fib retracement level of the downward move from the $3,743 swing high to the $3,160 low. A connecting bullish trendline is also forming with support at $3,250 on the hourly chart of ETH/USD.

However, the bears are active below the $3,320 and $3,350 levels. The Ethereum price is now trading below $3,320 and the 100-hour Simple Moving Average. On the upside, the price appears to be facing obstacles near the $3,300 level.

The first major resistance is near the $3,320 level. The main resistance is now forming near $3,450 and the 50% Fib retracement level of the downward move from the $3,743 swing high to $3,160 low. A clear move above the $3,450 resistance could send the price towards the $3,500 resistance.

An upward break above the $3,520 resistance could claim more gains in the coming sessions. In the mentioned case, Ether may rise towards the resistance zone of $3,650 or even $3,720 in the short term.

More losses in ETH?

If Ethereum fails to clear the $3,320 resistance, it could start another decline. Initial support on the downside is near the $3,250 level and the trendline. The first major support is near $3,220.

A clear move below the $3,220 support could push the price towards the $3,160 support. Any more losses could send the price towards the $3,050 support level in the short term. The next key support is at $3,000.

Technical indicators

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

RSI per hour – The RSI for ETH/USD is now below the 50 zone.

Major support level – $3,220

Major resistance level – $3,320