Ethereum price is encountering resistance at the $3,220 level, making it difficult to extend gains. As ETH moves closer to the $3,060 support, it shows signs of consolidation and hurdles around $3,200.
Currently, Ethereum trades below both $3,120 and the 100-hourly Simple Moving Average. A bullish trend line is observed with support at $3,070 on the hourly chart of ETH/USD on Kraken. The price may begin an upward movement if it surpasses the $3,120 resistance zone.
After failing to break the $3,220 resistance unlike Bitcoin, Ethereum experienced a decline below the $3,150 and $3,120 support levels. This move was accompanied by a drop below $3,100, reaching a low of $3,069, where the price is now consolidating.
The next hurdle for Ethereum is at the $3,120 level, with major resistance expected around $3,150 or the 50% Fib retracement level. Successfully surpassing the $3,220 resistance could propel the price to $3,350 and potentially $3,500.
On the downside, if ETH fails to clear the $3,150 resistance, it risks declining to its initial support level around $3,060 or lower. Falling below $3,000 may bring the price down to $2,880, with further losses leading to $2,740 and $2,650.
The technical indicators show the MACD for ETH/USD gaining momentum in the bearish zone, with the RSI below the 50 zone, emphasizing current challenges.
