Ethereum's Value Shows a Downtrend

The value of Ethereum dropped below $3,300 before experiencing a slight increase. ETH reached a low of $3,215 before a small recovery, similar to Bitcoin. It then rose above $3,250 and $3,280.

A slight upward movement was observed, surpassing the 23.6% Fib retracement level from the high of $3,655 to the low of $3,215. Despite this, resistance was encountered around $3,360, leading to a downward reaction in price.

A breakout occurred below a rising channel with a support level at $3,320 on the hourly ETH/USD chart. Currently, Ethereum is trading under $3,300 and the 100-hourly Simple Moving Average.

The immediate obstacle lies around the $3,300 mark, with the primary resistance at $3,360. Subsequent significant resistance is at $3,435 or the 50% Fib retracement level from the high of $3,655 to the low of $3,215, potentially pushing the price to test $3,500.

Ethereum's Value Outlook

A crucial resistance point is at approximately $3,550, beyond which Ether could see a bullish trend. If this occurs, the price may climb towards the $3,650 range. Surpassing the $3,650 barrier could propel Ethereum towards $3,750. Further gains might lead to a test of $3,800.

Potential Losses for ETH?

Failure to surpass the $3,360 resistance could result in further decline. Initial support is around $3,240.

The primary support level is near $3,215, followed by a key support zone at $3,200. A clear drop below $3,200 could drive the price towards $3,120, with additional losses potentially reaching $3,040.

Technical Analysis

Hourly MACD – The MACD for ETH/USD is showing bearish momentum.

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

Key Support Level – $3,215

Key Resistance Level – $3,360