The recent correction in Ethereum price has seen it trade below the $3,300 level after failing to clear the $3,400 resistance zone. The price is now consolidating and facing hurdles near the $3,300 resistance. A break below a key bullish trend line with support at $3,295 on the hourly chart of ETH/USD has signaled a short-term bearish zone.
If Ethereum manages to clear the $3,330 resistance zone, it could start another increase. The first major resistance level is near $3,330, followed by the 76.4% Fib retracement level at $3,350. A close above $3,350 might push the price towards the $3,400 resistance, with the next key resistance at $3,500. However, if Ethereum fails to clear the $3,330 resistance, it could continue moving downwards.
Initial support on the downside is near $3,250, with the first major support at the $3,230 zone. A clear move below $3,230 could lead to a further drop towards $3,180, and potentially down to the $3,080 support level. The next key support level sits at $3,020.
Technical Analysis
The hourly MACD for ETH/USD is losing momentum in the bearish zone, indicating a potential continuation of the downside correction. The hourly RSI is now below the 50 zone, further supporting the short-term bearish outlook for Ethereum price.
Ethereum price correction has led to a consolidation phase below key resistance levels. The failure to clear the $3,330 resistance zone could result in further downside movement towards key support levels. Traders and investors should pay close attention to these resistance and support levels, as well as technical indicators, to assess the potential price movements in the coming days.
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