Ethereum price extended its decline below the $3,320 support zone. ETH is now consolidating and might start a fresh increase if it clears $3,320.

• Ethereum remained in a bearish zone and traded below the $3,320 support zone.
• The price is trading below $3,400 and the 100-hourly Simple Moving Average.
• There is a major bearish trend line forming with resistance near $3,320 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could gain bullish momentum if it settles above the $3,320 resistance zone.

Ethereum Price Faces Resistance

Ethereum price remained in a bearish zone below on the hourly timeframe below the $3,500 level. ETH extended its decline below the $3,320 support level, like Bitcoin.

It even spiked below $3,220. A low was formed at $3,215 and the price is now attempting a recovery wave. There was a move above the $3,250 level. It tested the 23.6% Fib retracement level of the downward wave from the $3,655 swing high to the $3,215 low. Ethereum is now trading below $3,400 and the 100-hourly Simple Moving Average. Immediate resistance is near the $3,320 level. There is also a major bearish trend line forming with resistance near $3,320 on the hourly chart of ETH/USD. The first major resistance is near the $3,350 level. The next key resistance sits at $3,440 or the 50% Fib retracement level of the downward wave from the $3,655 swing high to the $3,215 low, above which the price might test the $3,500 level.

Source: The next key resistance is seen near the $3,550 level, above which Ether could gain bullish momentum. In the stated case, the price could rise toward the $3,680 hurdle. If there is a move above the $3,680 resistance, Ethereum could even climb toward the $3,780 resistance. Any more gains might call for a test of $3,850.

Another Rejection In ETH?

If Ethereum fails to clear the $3,320 resistance, it could continue to move down. Initial support on the downside is near the $3,250 level. The first major support is near the $3,220 zone. The next key support could be the $3,120 zone. A clear move below the $3,120 support might send the price toward $3,040. Any more losses might send the price toward the $3,000 level. Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $3,220 Major Resistance Level – $3,320