The value of Ethereum continues to decline, breaking below the $3,320 support level.
ETH tested the $3,240 support level and is expected to break through the $3,380 resistance level.
The price of Ethereum encountered difficulties when trying to surpass the $3,500 region again. Following the bearish trend of Bitcoin, ETH dropped below $3,350, with bearish pressure pushing it below the $3,320 support level.
The bottom has been established at the $3,230 level, and the price is currently correcting its losses. It is slightly above the $3,300 and $3,320 levels. The value of the altcoin climbed above the 23.6% Fibonacci level. The recent correction of the downward trend ranged from a high of $3,517 to a low of $3,230.
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At the time of writing this article, the Ethereum trading price is below $3,400 and the 100-hour simple moving average. On the upside, there may be resistance near the $3,375 level or near the 50% Fibonacci level. Correction.
The first major resistance is near $3,450. Additionally, on the hourly chart of ETH/USD, a key bearish trend line is forming with resistance near $3,440. At the time of writing this article, the price of the altcoin is hovering around $3,370.
Potential upside space and key resistance
If ETH can break through the $3,540 resistance level, it may rise. The next major resistance level is $3,620, and if that level is overcome, the price may rise to the $3,650 level. In the coming days, further gains could push the cryptocurrency towards the $3,720 resistance area.
Possibility of another decline
If Ethereum fails to break the $3,450 resistance level, it may face another decline. The initial support level on the downside is near $3,325, with the first major support level near $3,240.
If the $3,240 support level is clearly broken, the price may drop to $3,200. Any further losses could potentially push the price to the $3,120 level in the short term.
