Above $3,220, Ethereum tried an upside correction. The price of ETH even rose beyond $3,250, but the bears came near $3,300.
A new low was set near $3,307, and the price began to fall again. The $3,250 and $3,220 support levels were clearly breached. On the hourly chart, Ether even dropped below a connecting positive trend line with support near $3,220.
It’s currently trading below $3,200, as well as the 100 hourly simple moving average. The price has hit a low near $3,154 and is now consolidating losses.
On the upside, an early resistance level might be seen near $3,190. It’s around the 23.6 percent Fib retracement level of the latest drop from the swing high of $3,307 to the low of $3,154. The next significant resistance is located near $3,235.
Near $3,235 is the 50 percent Fib retracement level of the recent slide from the $3,307 swing high to the $3,154 low. Near the $3,260 level and the 100 hourly simple moving average, the main resistance is seen. On the hourly chart of ETH/USD, a big negative trend line is forming with resistance near $3,320.
Source: ETHUSD on TradingView.com
A clear break over the $3,260 resistance level, followed by a break above the trend line, might signal the start of a continuous rise. In the aforesaid scenario, the price might rise to $3,300.
Is There Going to Be More ETH Losses?
If ethereum does not begin a new upward trend over $3,260, it may continue to decline. On the downside, $3,150 serves as an initial support level.
The next significant support is seen near $3,120. The price may resume its drop if it breaks below the $3,120 support level. In the above scenario, the price may potentially drop to $3,000!
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