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Ethereum Topside Bias Vulnerable If ETH Dives Below $3,120

Ethereum extended losses below the $3,300 support zone against the US Dollar. ETH price even traded below $3,200 and might continue to move down.

Ethereum started a major decline from the $3,450 resistance zone.
The price is now trading below $3,200 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $3,425 on the hourly chart of ETH/USD (data feed via Kraken).
The pair remains at a risk of more losses below the $3,140 and $3,120 levels.

Ethereum Price Extends Downsides
Ethereum formed a top and started a major decline below the $3,400 level. ETH even traded below the $3,340 level to move further into a bearish zone.
The bears gained pace for a move below the $3,300 level and the 100 hourly simple moving average. Ether even spiked below the $3,200 level and traded as low as $3,143. It is now consolidating above the $3,150 level. It is trading below $3,200 and the 100 hourly simple moving average.
On the upside, an initial resistance is seen near the $3,240 level. It is close to the 23.6% Fib retracement level of the recent decline from the $3,548 swing high to $3,143 low.
The next major resistance is near the $3,345 level. It coincides with the 50% Fib retracement level of the recent decline from the $3,548 swing high to $3,143 low. The main resistance is now forming near the $3,400 level. There is also a key bearish trend line forming with resistance near $3,425 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com
If ether price clears the $3,400 resistance zone, it could start a decent increase. In the stated case, the price could climb above the $3,450 zone. The next key barrier is near the $3,500 level.
More Losses in ETH?
If ethereum fails to start a fresh increase above the $3,400 level, it could continue to move down. An initial support on the downside is near the $3,140 zone.
The next major support is near the $3,120 level. If there is a downside break below the $3,120 support, the price could gain bearish momentum. In the stated case, there is a risk of a move towards the $3,000 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now gaining pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $3,120
Major Resistance Level – $3,400

Christian Robinson
Christian Robinson
I’m a regular contributor to Forbes, CoinDesk, and Bitcoin Magazine, among others. My work focuses on providing analysis of the latest trends in the crypto industry, as well as offering insights into investment opportunities. I have a strong track record of identifying emerging technologies and assets that can achieve significant growth. As such, I believe that I am uniquely positioned to help investors navigate the ever-changing landscape of cryptocurrency.

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