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