The value of Ethereum continues to decline, breaking the support level of $3,320.
ETH faced difficulty in surpassing the zone of $3,500 for a new increase. Following the bearish trend of Bitcoin, ETH dropped below $3,350 and bears pushed it below the support level of $3,320.
A bottom was established at a level of $3,230, and now the price is correcting its losses. There is a slight upward movement above the levels of $3,300 and $3,320. The value of the altcoin climbed above the 23.6% Fibonacci correction level of the recent decline, moving from a peak of $3,517 to a low of $3,230.
According to Google’s data, the three most popular altcoins currently are:
At the time of writing this article, Ethereum is trading below $3,400 and the 100-hour simple moving average. In an upward direction, resistance can be encountered near the level of $3,375 or the 50% Fibonacci correction level.
The first significant resistance is near the level of $3,450. Additionally, a key bearish trend line with resistance around $3,440 is forming on the hourly chart of ETH/USD. At the time of writing this article, the price of the altcoin is fluctuating around $3,370.
If ETH manages to break above the resistance of $3,540, it may move upwards. The next major resistance is at the level of $3,620, which, if overcome, could lead to an increase in price towards the level of $3,650. Further gains could push the cryptocurrency towards the resistance zone of $3,720 in the coming days.
Potential for a new decline:
If Ethereum fails to overcome the resistance of $3,450, it may face a new decline. The initial support in a downward direction is near $3,325, and the first major support is around the zone of $3,240.
A clear downward movement below the support of $3,240 could lead to a price decline to $3,200. Any additional losses could bring the price to the level of $3,120 in the short term.