Ethereum price started a minor recovery wave above the $3,200 zone. ETH is struggling and might continue to move down if it stays below $3,320. Ethereum started a minor recovery wave from the $3,160 zone. The price is trading below $3,320 and the 100-hourly Simple Moving Average. There is a connecting bullish trend line forming with support at $3,250 on the hourly chart of ETH/USD (data feed via Kraken). The pair could struggle to start a fresh increase above the $3,320 resistance level. Ethereum Price Faces Resistance Ethereum price started a short-term recovery wave from the $3,160 level, like Bitcoin . ETH was able to recover above the $3,200 and $3,220 resistance levels. The price cleared the 23.6% Fib retracement level of the downward move from the $3,743 swing high to the $3,160 low. There is also a connecting bullish trend line forming with support at $3,250 on the hourly chart of ETH/USD. However, the bears are active below the $3,320 and $3,350 levels. 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. The first major resistance is near the $3,320 level. The main resistance is now forming near $3,450 and the 50% Fib retracement level of the downward move from the $3,743 swing high to the $3,160 low. A clear move above the $3,450 resistance might send the price toward the $3,500 resistance. An upside break above the $3,520 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,650 resistance zone or even $3,720 in the near term. More Losses In ETH? If Ethereum fails to clear the $3,320 resistance, it could start another decline. Initial support on the downside is near the $3,250 level and the trend line. The first major support sits near the $3,220. A clear move below the $3,220 support might push the price toward the $3,160 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 – $3,220 Major Resistance Level – $3,320
