Ethereum Bounce Reaches Resistance Cluster, Bulls Need Strong Break

Ethereum price started a fresh decline below $3,500. ETH is attempting to recover from $3,050 but faces resistance near $3,500. Ethereum started another bearish wave after it settled below $3,550. The price is trading below $3,500 and the 100-hourly Simple Moving ￰0￱ was a break above a bearish trend line with resistance at $3,410 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could continue to move down if it trades below $3,320. Ethereum Price Faces Resistance Ethereum price failed to stay in a positive zone and started a fresh decline below $3,500, like ￰1￱ price declined below $3,450 and $3,350 to enter a bearish ￰2￱ decline gained pace below $3,250. Finally, the bulls appeared near $3,050. A low was formed at $3,058 and the price recently started a recovery ￰3￱ was a move above the 23.6% Fib retracement level of the downward move from the $3,920 swing high to the $3,058 low.

Besides, there was a break above a bearish trend line with resistance at $3,410 on the hourly chart of ETH/USD. However, the bears remained active below $3,500 and the 50% Fib retracement level of the downward move from the $3,920 swing high to the $3,058 ￰4￱ price is now trading below $3,400 and the 100-hourly Simple Moving ￰5￱ there is another recovery wave, the price could face resistance near the $3,450 ￰6￱ next key resistance is near the $3,480 ￰7￱ first major resistance is near the $3,500 level. A clear move above the $3,500 resistance might send the price toward the $3,550 ￰8￱ upside break above the $3,550 region might call for more gains in the coming ￰9￱ the stated case, Ether could rise toward the $3,740 resistance zone or even $3,800 in the near ￰10￱ Decline In ETH?

If Ethereum fails to clear the $3,480 resistance, it could start a fresh ￰11￱ support on the downside is near the $3,320 ￰12￱ first major support sits near the $3,260 zone. A clear move below the $3,260 support might push the price toward the $3,150 ￰13￱ more losses might send the price toward the $3,050 region in the near ￰14￱ next key support sits at $3,020 and $3,000. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish ￰15￱ RSI – The RSI for ETH/USD is now above the 50 ￰16￱ Support Level – $3,260 Major Resistance Level – $3,500