Ethereum Price Reverse Gains, Can ETH Bulls Save The Day?

Ethereum price rallied above the $3,300 level. ETH tested the $3,350 resistance and recently started a sharp decline below $3,300. Ethereum rallied toward $3,350 before the bears appeared again. The price is trading below $3,220 and the 100-hourly Simple Moving Average. There was a break below a key bullish trend line with support at $3,250 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move down if it trades below the $3,165 support. Ethereum Price Trims Gains Ethereum price started a strong increase above the $3,200 level. ETH outperformed Bitcoin and even cleared the $3,300 resistance. However, the bears were active near the $3,350 level. A high was formed at $3,355 and the price started a fresh decline. There was a sharp move below the $3,300 level. The price declined below the 50% Fib retracement level of the upward move from the $3,070 swing low to the $3,355 high. There was also a break below a key bullish trend line with support at $3,250 on the hourly chart of ETH/USD. Ethereum is now trading below $3,220 and the 100-hourly Simple Moving Average. However, the bulls are active near the $3,165 support and the 61.8% Fib retracement level of the upward move from the $3,070 swing low to the $3,355 high. Immediate resistance is near the $3,210 level and the 100-hourly Simple Moving Average. Source: ETHUSD on TradingView.com The first major resistance is near the $3,250 level. The next key resistance sits at $3,350, above which the price might gain traction and rise toward the $3,465 level. A close above the $3,465 resistance could send the price toward the $3,550 resistance. If there is a move above the $3,550 resistance, Ethereum could even test the $3,680 resistance. Any more gains could send Ether toward the $3,750 resistance zone. More Downsides In ETH? If Ethereum fails to clear the $3,210 resistance, it could continue to move down. Initial support on the downside is near the $3,180 level. The first major support is near the $3,165 zone. The main support is near the $3,070 level. A clear move below the $3,070 support might set the pace for more losses and send the price toward $3,030. Any more losses might send the price toward the $2,880 level in the near term. 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 level. Major Support Level – $3,165 Major Resistance Level – $3,210