Ethereum price experienced a downside correction after failing to break the $3,520 zone. However, the price remains stable above $3,420 and is showing signs of attempting another increase in the near future.
The price of Ethereum is currently trading above $3,420 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, a bearish trend line is forming with resistance near $3,470. To continue moving higher, the pair must surpass the resistance levels at $3,470 and $3,520.
Ethereum started a positive move above $3,420 and even broke the $3,450 level to enter a short-term positive zone. Despite reaching a high of $3,516, the price recently started a downside correction, dropping below $3,480 and $3,470 levels.
Bulls are showing activity near the $3,420 support zone, protecting the 50% Fib retracement level of the upward move. The price is currently facing resistance near $3,470, with a major hurdle at the $3,500 level and the next key resistance at $3,520.
If Ethereum fails to clear the $3,470 resistance, it may continue to move downwards, with initial support at $3,435 and major support at $3,420. A break below $3,420 could push the price towards $3,350 and potentially even lower to $3,320 in the near term.
Technical indicators show that the MACD for ETH/USD is losing momentum in the bullish zone, while the RSI is below the 50 zone. The major support level is at $3,420, with resistance at $3,470.