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NewsBTC 2025-01-10 03:28:31

Ethereum Price Pullback Deepens: Bulls Struggle to Hold Support

Ethereum Price Pullback Deepens: Bulls Struggle to Hold Support

Ethereum price failed to clear the $3,400 resistance and extended losses. ETH is struggling and might continue to move down if it stays below $3,400. Ethereum started a fresh decline from the $3,400 zone. The price is trading below $3,350 and the 100-hourly Simple Moving Average. There is a connecting bearish trend line forming with resistance at $3,300 on the hourly chart of ETH/USD (data feed via Kraken). The pair could struggle to start a fresh increase above the $3,300 resistance level. Ethereum Price Extend Losses Ethereum price failed to start a recovery wave above the $3,400 level and extended losses like Bitcoin . ETH declined below the $3,350 and $3,320 support levels. There was a clear move below $3,250 and $3,220. A low was formed at $3,159 and the price is now consolidating below the 23.6% Fib retracement level of the recent decline from the $3,742 swing high to the $3,159 low. There is also a connecting bearish trend line forming with resistance at $3,300 on the hourly chart of ETH/USD. Ethereum price is now trading below $3,320 and the 100-hourly Simple Moving Average . On the upside, the price seems to be facing hurdles near the $3,300 level and the trend line. The first major resistance is near the $3,400 level. The main resistance is now forming near $3,450 and the 50% Fib retracement level of the recent decline from the $3,742 swing high to the $3,159 low. A clear move above the $3,450 resistance might send the price toward the $3,500 resistance. An upside break above the $3,500 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,550 resistance zone or even $3,650 in the near term. More Losses In ETH? If Ethereum fails to clear the $3,300 resistance, it could start another decline. Initial support on the downside is near the $3,200 level. The first major support sits near the $3,160. A clear move below the $3,160 support might push the price toward the $3,080 support. Any more losses might send the price toward the $3,050 support level in the near term. The next key support sits at $3,000. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major Support Level – $3,160 Major Resistance Level – $3,300

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