Ethereum extended decline below the $3,300 support zone against the US Dollar. ETH price could recover from $3,120, but it might face hurdles near $3,250.
- Ethereum extended decline below the $3,300 and $3,250 support levels.
- The price is trading below $3,250 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $3,180 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase if it clears the $3,200 and $3,250 resistance levels.
Ethereum Price Struggles
Ethereum extended decline below the $3,250 support zone. ETH even broke the $3,200 support level and settled below the 100 hourly simple moving average.
It traded as low as $3,129 and is currently correcting higher. There was a minor move above the $3,150 level. The price is now facing resistance near the $3,180 level. There is also a key bearish trend line forming with resistance near $3,180 on the hourly chart of ETH/USD.
The trend line is near the 23.6% Fib retracement level of the recent decline from the $3,392 swing high to $3,129 low. If there is an upside break above the trend line, the price could rise towards the $3,250 resistance zone.
Source: ETHUSD on TradingView.com
The 50% Fib retracement level of the recent decline from the $3,392 swing high to $3,129 low is also near the $3,250 level to act as a hurdle. A clear move above the $3,250 level might pump the price in the near term. The next major resistance is near the $3,400 level, above which ether price could gain bullish momentum. In the stated case, the price could…