Ethereum price has initiated a new upward movement, surpassing the $3,350 mark. ETH is currently retracing from its recent highs of $3,450 and could potentially drop further beneath the $3,200 mark. Ethereum has initiated a downside correction from the $3,450 level. The price is currently hovering around $3,200, closely aligned with the 100-hourly Simple Moving Average. A break occurred below a bullish trend line, with support identified at $3,240 on the hourly chart of ETH/USD, according to data. The pair may experience further declines if it establishes a position beneath the $3,200 threshold. Ethereum Price Experiences a Downturn Ethereum price has successfully maintained its position above $3,200 and has initiated a new upward trend, surpassing Bitcoin. ETH price showed resilience, pushing past the $3,320 and $3,350 resistance levels.
The bulls managed to drive the price above $3,400. However, the bears were making their presence felt below $3,450. A peak was established at $3,448, and the price is currently undergoing a correction of its gains. A notable drop occurred beneath the 23.6% Fibonacci retracement level of the upward movement from the $2,914 swing low to the $3,448 peak. Additionally, a break occurred below a bullish trend line, with support identified at $3,240 on the hourly chart of ETH/USD. Ethereum price is currently hovering around $3,200, closely aligned with the 100-hourly Simple Moving Average.
Should another upward move occur, the price may encounter resistance around the $3,250 mark. The upcoming significant resistance is around the $3,300 mark. The initial significant resistance stands around the $3,320 mark. A decisive breakout above the $3,320 resistance could propel the price towards the $3,400 resistance level. An upside break above the $3,400 region could signal further gains in the days ahead. In the current scenario, Ether may advance towards the $3,450 resistance level or potentially reach $3,500 shortly.
If Ethereum is unable to break through the $3,250 resistance level, it may initiate a new downward trend. Initial support on the downside is positioned around the $3,200 mark. The initial significant support is located around the $3,180 area, coinciding with the 50% Fibonacci retracement level of the upward movement from the $2,914 swing low to the $3,448 peak. A decisive drop beneath the $3,180 support could drive the price down to the $3,150 support level. Further losses could push the price down to the $3,050 area. The next crucial support level is positioned at $3,000.