Ethereum Price Struggles Below $3,400 Resistance, Faces Potential Decline

Ethereum price is currently facing resistance below $3,400 and shows bearish signals, with a potential decline below $3,150 support.

Failed to close above $3,350 and $3,400.
Trading below $3,300 and the 100-hourly Simple Moving Average.
Break below key triangle support at $3,270 on the ETH/USD hourly chart.
Possible increase if it remains above $3,120 support.

Price Movement Overview

Ethereum initially rose from $3,220 but faced selling pressure after reaching $3,361. It fell below supports at $3,250 and $3,220, forming a low at $3,201.

Currently consolidating below $3,300.
Resistance near $3,280 and $3,300 levels.
Major resistance at $3,350.

A breakout above $3,350 could lead to prices approaching $3,450 and potentially $3,550 in the near term.

Potential Downside Risks

If Ethereum does not surpass $3,300, further declines may occur.

Initial support around $3,200.
Major support at $3,150.
A drop below $3,150 could see prices move toward $3,120 or $3,050.
Key support level at $3,000.

Technical Indicators

MACD indicates bearish momentum.
RSI is below 50.
Major support level - $3,200
Major resistance level - $3,300