Ethereum Price Struggles to Break $3,200 Resistance: Key Support and Resistance Levels to Watch
The price of Ethereum is currently facing multiple hurdles near the $3,200 mark, with the potential for another major decline if it fails to break through this resistance level. Despite finding support and attempting a recovery above $3,000, Ethereum was unable to sustain momentum above $3,200 and the 100-hourly Simple Moving Average.
A key bearish trend line is forming with resistance at $3,120 on the hourly chart of ETH/USD, indicating a struggle for Ethereum to break through key resistance levels. If the price remains below $3,200 and $3,280, there is a risk of another decline, with initial support near the $3,000 level.
On the upside, if Ethereum manages to clear the $3,200 resistance, it could potentially rise towards $3,350 and even $3,500. A move above $3,620 could signal a bullish momentum for Ethereum, with a potential climb towards the $3,750 resistance level.
However, if Ethereum fails to break through the resistance levels, it could start another decline, with key support levels at $2,900 and $2,710. A clear move below $2,710 could send the price towards $2,650 and potentially even $2,550.
Overall, the technical indicators suggest a mixed outlook for Ethereum, with the MACD losing momentum in the bearish zone but the RSI now above the 50 level. Traders and investors will be closely watching the price action around the key resistance and support levels to gauge the next potential direction for Ethereum.
