NewsBTC
24 December 2024
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Ethereum Price Drops Below $3,450, Faces Resistance at $3,445

Ethereum price declined below the $3,450 zone but is showing signs of recovery. A rise may occur if it surpasses the $3,445 resistance.

  • Ethereum began a decline under the $3,500 mark.
  • The price remains below $3,450 and the 100-hourly Simple Moving Average.
  • A break occurred above a bearish trend line with resistance at $3,300 on the hourly chart of ETH/USD (data from Kraken).
  • The pair could experience an increase if it clears the $3,450 and $3,500 resistance levels.

Ethereum Price Stays Above $3,200

Ethereum struggled to rise above the $3,500 level and extended losses similar to Bitcoin. ETH experienced bearish momentum below $3,400, trading under $3,320.

The price is consolidating above the support levels at $3,220 and $3,200. A low formed at $3,220, and the price has since consolidated. A break above $3,250 occurred, clearing the 50% Fib retracement level from the $3,553 swing high to the $3,220 low.

There was also a break above the bearish trend line at $3,300 on the hourly chart of ETH/USD. Ethereum is trading under $3,450 and the 100-hourly Simple Moving Average.

Resistance near $3,445 presents challenges. It is close to the 61.8% Fib retracement level of the drop from the $3,553 swing high to the $3,220 low. The first significant resistance is near $3,480.

Ethereum Price

The primary resistance is forming around $3,550. A clear move above this level may push the price toward $3,650, with further gains possible up to $3,720 or even $3,800 if above $3,650.

Another Decline In ETH?

If Ethereum does not clear the $3,445 resistance, it may continue to decline. Initial downside support is near $3,300, with major support at $3,220.

A clear move below $3,200 could lead to a price drop toward $3,120, potentially reaching $3,050 in the near term. The next key support is at $3,000.

Technical Indicators

Hourly MACD: The MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSI: The RSI for ETH/USD is now above the 50 zone.

Major Support Level: $3,220

Major Resistance Level: $3,445