The value of Ethereum continues to decline, breaking below the support level of $3,320.
ETH tested the support level of $3,240 and is expected to break through the resistance level of $3,380.
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, and the bears pushed it below the support level of $3,320.
The bottom has been established at the level of $3,230, and the price is currently correcting its losses, slightly above the levels of $3,300 and $3,320. The value of the altcoin climbed above the 23.6% Fibonacci level. The correction of the recent decline ranged from the high point of $3,517 to the low point 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 around the level of $3,375 or near the 50% Fibonacci level. Correction.
The first significant resistance is near $3,450. Additionally, a crucial bearish trendline is forming on the ETH/USD hourly chart, with resistance near $3,440. At the time of writing this article, the price of the altcoin hovers around $3,370.
Potential upside space and key resistance
If ETH can break through the resistance level of $3,540, it may rise. The next major resistance level is $3,620, and if that is overcome, the price may increase to the level of $3,650. In the coming days, further upside could push the cryptocurrency towards the resistance zone of $3,720.
Possibility of another decline
If Ethereum fails to break the resistance level of $3,450, it may face another decline. The initial support level on the downside is around $3,325, and the first major support level is near $3,240.
If the support level of $3,240 is clearly broken, the price may drop to $3,200. Any further losses could potentially push the price to the level of $3,120 in the short term.
