Ethereum Grapples with Resistance Zone, Risks Decline Under $3,320 Mark


Ethereum, the much-vaunted digital currency, seemed to be grappling with its recent hurdles, struggling to break through the $3,420 resistance zone. A recent attempt at recovery brought nothing more than a frustrating consolidation period, raising fears of a decline should it slip below the $3,320 level.

Despite its uphill battle, Ethereum has been doggedly trying to pick up the pace in order to surpass the stubborn $3,420 zone mark. However, it has failed to breach the $3,400 barrier and the 100-hourly simple moving average remains ominously low. An ongoing bearish trend line appears to be in the works, making its presence felt with its resistance hovering around the $3,400 mark. This has been clearly displayed on the hourly chart of ETH/USD, fueled by data courtesy of Kraken. To venture higher up the ladder, Ethereum must overcome the rigid resistance levels of $3,400 and $3,425.

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The Ethereum price did show some promise, sparking off a seemingly sustainable recovery wave that surpassed the $3,320 level considerably. Ethereum even managed to clear the $3,350 level, but its efforts were thwarted by the aggressive bears dominating the game at $3,420. The climax of this volatile tug of war witnessed Ethereum reaching a peak of $3,426, only to relapse into a correction phase similar to Bitcoin, thereby eroding away precious gains.

Amid this tumultuous landscape, Ethereum experienced a fall below the $3,380 mark. The downward spiral continued, taking the price beneath the 23.6% Fibonacci retracement level. This unfriendly shift was the result of an upward move from the $3,230 swing low to the steep $3,426 high, jolting bulls into action to safeguard against any further declines below the $3,320 level.

Despite the formidable rally by the bulls, Ethereum remained shackled below the $3,400 mark and the average 100-hourly simple moving average. On the brighter end of the spectrum, Ethereum seems to be heading towards possible hurdles located near the trend line and the $3,400 mark. This is further complicated by the unfavorable bearish trend line coming together with a resistance hovering precariously around the $3,400 mark.

The first significant resistance lies looming ahead at the $3,420 mark. However, the real challenge comes in the form of the main resistance lurking around the $3,450 mark. If Ethereum manages to secure a victory by closing above this daunting $3,450 mark, this could usher Ether towards the imposing $3,550 resistance.

Looking further into the horizon, Ethereum is forecasted to encounter the next key resistance at around $3,620. For the optimists, a successful break beyond this formidable barrier could propel Ethereum higher up still. The subsequent hurdle, an intimidating peak of $3,680, looms in Ethereum’s path. If successfully conquered, Ethereum could gain significant momentum to ascend towards the substantial $3,720 level. Securing such impressive gains could pave the way for Ether towards the towering $3,880 resistance zone.

However, Ethereum’s path seems to be fraught with as many pitfalls as opportunities. Should it fail to overthrow the imposing $3,400 resistance, it may find itself on the daunting path of decline. Initial support on this treacherous journey lies around the $3,350 level. The first major support awaits Ethereum at the $3,320 zone, nestled next to the 50% Fibonacci retracement level, bound by the upward swing from $3,230 to the high of $3,426.

Should Ethereum breach the crucial $3,320 support mark, it may be nudged to descend towards the $3,250 level. Any further losses could inevitably push Ethereum towards the precipice of the $3,200 mark in the near future.

Taking a glance at the technical indicators, the MACD for ETH/USD conveys loss of momentum in the bullish zone while the RSI for ETH/USD currently teeters above the 50 zone. With major support at the $3,320 mark and primary resistance at $3,400, the virtual battlefield for Ethereum seems to be balanced on a razor’s edge. Every move Ethereum makes will dictate its fate in the world of digital currencies.

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Melinda Cochrane is a poet, teacher and fiction author. She is also the editor and publisher of The Inspired Heart, a collection of international writers. Melinda also runs a publishing company, Melinda Cochrane International books for aspiring writers, based out Montreal, Quebec. Her publication credits include: The art of poetic inquiry, (Backalong Books), a novella, Desperate Freedom, (Brian Wrixon Books Canada), and 2 collections of poetry; The Man Who Stole Father’s Boat, (Backalong Books), and She’s an Island Poet, Desperate Freedom was on the bestseller's list for one week, and The Man Who Stole Father’s Boat is one of hope and encouragement for all those living in the social welfare system. She’s been published in online magazines such as, (regular writer for) ‘Life as a Human’, and Shannon Grissom’s magazine.