Ethereum price rallied above the $3,300 level. ETH tested the $3,350 resistance and recently started a sharp decline below $3,300.
- Ethereum rallied toward $3,350 before the bears appeared again.
- The price is trading below $3,220 and the 100-hourly Simple Moving Average.
- There was a break below a key bullish trend line with support at $3,250 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move down if it trades below the $3,165 support.
Ethereum Price Trims Gains
Ethereum price started a strong increase above the $3,200 level. ETH outperformed Bitcoin and even cleared the $3,300 resistance. However, the bears were active near the $3,350 level.
A high was formed at $3,355 and the price started a fresh decline. There was a sharp move below the $3,300 level. The price declined below the 50% Fib retracement level of the upward move from the $3,070 swing low to the $3,355 high.More Downsides In ETH?
If Ethereum fails to clear the $3,210 resistance, it could continue to move down. Initial support on the downside is near the $3,180 level. The first major support is near the $3,165 zone.Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $3,165 Major Resistance Level – $3,210