Ethereum Price Losses Steady: Is a Rebound Brewing?

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The cost of Ethereum has begun a small rebound over the $3,200 mark. However, Ethereum may potentially keep falling if it remains below $3,320.

  • Ethereum started a minor recovery wave from the $3,160 zone.
  • The price is trading below $3,320 and the 100-hourly Simple Moving Average.
  • There is a connecting bullish trend line forming with support at $3,250 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could struggle to start a fresh increase above the $3,320 resistance level.

Ethereum Price Faces Resistance

The Ethereum price began a brief rebound from its $3,160 base, similar to Bitcoin. Notably, Ethereum managed to climb over the hurdles at $3,200 and $3,220.

The cost has risen above a significant resistance level (23.6% Fibonacci retracement level) from the high of $3,743 to the low of $3,160 in Ethereum’s price chart against the US dollar. Additionally, an upward trend line is being formed, offering support at $3,250 on the hourly chart for ETH/USD.

As an analyst, I’m observing that the Ethereum price is currently trading below key levels of $3,320 and $3,350, which appear to be active resistance zones for bears. Additionally, the price is also below the 100-hour Simple Moving Average. On the positive side, the Ethereum price seems to encounter obstacles around the $3,300 level, suggesting potential resistance there.

Approaching levels of significant resistance can be found near $3,320 and $3,450. The former is a key resistance point, while the latter also marks the 50% Fibonacci retracement level during the decline from the peak at $3,743 to the low at $3,160. If the price manages to surpass the $3,450 resistance, it may potentially push further upwards towards the $3,500 resistance.

If Ethereum manages to surge past its current resistance at $3,520, it might indicate further growth in the upcoming trading periods. In such a scenario, Ether could potentially reach the $3,650 resistance level or even climb higher to $3,720 within the short term.

More Losses In ETH?

As a researcher examining Ethereum’s price dynamics, if it fails to surpass the $3,320 resistance, there could be a potential for another downward movement. A initial point of support can be found around the $3,250 mark or at the trend line, with a more substantial support located near the $3,220 level.

If the price falls significantly below the $3,220 resistance point, it could potentially drop to the $3,160 support. Further declines might cause the price to approach the $3,050 support level in the short term. The crucial support is located at $3,000 for now.

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 zone.

Major Support Level – $3,220

Major Resistance Level – $3,320

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2025-01-13 06:40