Challenges Ahead for Ethereum Price as it Struggles to Break $3,200 Barrier

The price of Ethereum is currently facing multiple hurdles near the $3,200 mark, with the potential for bearish momentum if it remains below this level. Despite starting a recovery wave above $3,000, Ethereum was unable to sustain its momentum and faced resistance near $3,280.

A recent decline saw Ethereum fall below the $3,200 support zone and the 100-hourly Simple Moving Average. Additionally, a bullish trend line with support at $3,100 was broken on the hourly chart of ETH/USD, indicating a potential downward trend.

In terms of resistance levels, Ethereum faces immediate resistance at $3,200, with major hurdles at $3,250 and $3,280. If the price manages to break above these levels, it could test $3,350 and potentially even reach $3,500, signaling a bullish trend.

However, if Ethereum fails to clear the $3,200 resistance, it could see further losses. Initial support is at $3,000, followed by the $2,900 zone and $2,820. A break below $2,820 could lead to a decline towards $2,650 and potentially $2,550.

Technical indicators such as the MACD and RSI suggest bearish momentum for Ethereum in the short term. Traders and investors will be closely watching these key support and resistance levels to gauge the future direction of Ethereum’s price.