Ethereum Price Consolidates Near $3,200 Amidst Hurdles
The price of Ethereum has been struggling to recover above $3,350 and has faced multiple hurdles in its recent attempts. Currently, ETH is consolidating near $3,200, with the price facing an uphill task to break through key resistance levels.
After starting another decline, Ethereum tested the $3,120 zone and is now trading below $3,220 and the 100-hourly Simple Moving Average. A short-term rising channel is forming with support at $3,170 on the hourly chart of ETH/USD.
Despite a minor increase above $3,200, the price was unable to break through resistance levels at $3,240 and $3,250. Ethereum is now trading below $3,200 and the 100-hourly Simple Moving Average, with immediate resistance near the $3,200 level.
The first major resistance is at $3,240, followed by key levels at $3,300 and $3,350. A close above $3,350 could potentially send the price towards $3,450 and even $3,550. However, if Ethereum fails to clear the $3,250 resistance, it could continue to move down towards support levels at $3,170 and $3,120.
Technical indicators show that the MACD for ETH/USD is gaining momentum in the bearish zone, while the RSI is below the 50 level. The major support level is at $3,170, with the main support at $3,070. Further losses could push the price towards $3,030 and $2,880 in the near term.
Investors are advised to conduct their own research before making any investment decisions, as investing in cryptocurrencies carries inherent risks. The current price action of Ethereum suggests that the digital asset is facing challenges in breaking through key resistance levels, with potential for further downside if key support levels are breached.
