Ethereum Price Faces Crucial Test: Will $3,200 Withstand The Pressure?

Ethereum terms is attempting a betterment question supra the $3,125 zone. ETH indispensable wide the $3,200 absorption to proceed higher successful the adjacent term.

• Ethereum extended losses and tested the $3,075 enactment zone.
• The terms is trading beneath $3,180 and the 100-hourly Simple Moving Average.
• There is simply a cardinal rising transmission forming with enactment astatine $3,140 connected the hourly illustration of ETH/USD (data provender via Kraken).
• The brace could proceed to determination down if it trades beneath the $3,125 support.

Ethereum Price Faces Resistance

Ethereum terms struggled to recover and extended losses beneath the $3,100 level. ETH traded arsenic debased arsenic $3,074 and is presently attempting different betterment wave, similar Bitcoin.

There was a insignificant summation supra the $3,125 resistance. The terms climbed supra the 23.6% Fib retracement level of the caller driblet from the $3,292 plaything precocious to the $3,074 low. However, the bears are progressive adjacent the $3,200 absorption zone.

Ethereum is present trading beneath $3,180 and the 100-hourly Simple Moving Average. There is besides a cardinal rising transmission forming with enactment astatine $3,140 connected the hourly illustration of ETH/USD. Immediate absorption is adjacent the $3,180 level and the 100-hourly Simple Moving Average.

The archetypal large absorption is adjacent the $3,200 level oregon the 61.8% Fib retracement level of the caller driblet from the $3,292 plaything precocious to the $3,074 low.

Source: ETHUSD connected TradingView.com

The adjacent cardinal absorption sits astatine $3,240, supra which the terms mightiness summation traction and emergence toward the $3,280 level. A adjacent supra the $3,280 absorption could nonstop the terms toward the $3,350 resistance. If determination is simply a determination supra the $3,350 resistance, Ethereum could adjacent trial the $3,500 resistance. Any much gains could nonstop Ether toward the $3,550 absorption zone.

More Downsides In ETH?

If Ethereum fails to wide the $3,180 resistance, it could proceed to determination down. Initial enactment connected the downside is adjacent the $3,125 level. The archetypal large enactment is adjacent the $3,075 zone.

The main enactment is adjacent the $3,030 level. A wide determination beneath the $3,030 enactment mightiness acceptable the gait for much losses and nonstop the terms toward $2,880. Any much losses mightiness nonstop the terms toward the $2,750 level successful the adjacent term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum successful the bearish zone.

Hourly RSI – The RSI for ETH/USD is present beneath the 50 level.

Major Support Level – $3,125

Major Resistance Level – $3,200