Ethereum Price Trapped Under $3,250, Momentum Tilts Lower

Ethereum price started a fresh decline from the $3,300 resistance. ETH is now consolidating losses and is at risk of more losses below $3,150. Ethereum started a sharp downside correction below $3,250. The price is trading below $3,220 and the 100-hourly Simple Moving Average. There is a short-term declining channel forming with resistance at $3,210 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh increase if it stays above the $3,160 zone. Ethereum Price Struggles Below Resistance Ethereum price failed to remain stable above $3,280 and started a fresh decline, like Bitcoin . ETH price declined below $3,250 and $3,220 to enter a bearish zone. The bears even pushed the price below the 61.8% Fib retracement level of the recent wave from the $3,060 swing low to the $3,402 high. The price finally tested $3,160 and is currently consolidating losses. There is also a short-term declining channel forming with resistance at $3,210 on the hourly chart of ETH/USD. Ethereum price is now trading below $3,220 and the 100-hourly Simple Moving Average. If the bulls can protect more losses below $3,160, the price could attempt another increase . Immediate resistance is seen near the $3,220 level. The first key resistance is near the $3,260 level. The next major resistance is near the $3,280 level. A clear move above the $3,280 resistance might send the price toward the $3,320 resistance. An upside break above the $3,320 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $3,400 resistance zone or even $3,450 in the near term. Downside Continuation In ETH? If Ethereum fails to clear the $3,220 resistance, it could start a fresh decline. Initial support on the downside is near the $3,160 level. The first major support sits near the $3,140 zone or the 76.4% Fib retracement level of the recent wave from the $3,060 swing low to the $3,402 high. A clear move below the $3,140 support might push the price toward the $3,080 support. Any more losses might send the price toward the $3,050 region. The main support could be $3,000. 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 – $3,160 Major Resistance Level – $3,220