Ethereum Struggles with $3,360 Resistance as Prices Teeter on Downward Spiral

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According to the latest financial trends, the Ethereum price is battling strenuously to surmount the formidable $3,360 resistance zone. This well-recognized and globally traded cryptocurrency has been indicating potential signs of dwindling below the $3,300 and $3,250 levels.

Ethereum currently finds itself in the grip of significant hurdles in the vicinity of the $3,350 and $3,360 levels. Alarmingly, the price is navigating below $3,350, in addition to the 100-hourly Simple Moving Average.


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This predicament further intensified with a break below a rising trend channel with steadfast support at $3,320 on the hourly chart of ETH/USD, as observed by a data feed via Kraken. If these trends continue to hold strong, the pair of ETH/USD may see expanded losses if the pair closes below the critical support zone of $3,200.

The price of Ethereum dived below the $3,300 level before a wave of market bulls emerged. Ethereum’s lowest ebb saw it dropping as low as $3,215, which ensued a gentle recovery wave, reminiscent of the Bitcoin price trend. This recovery saw the price clawing its way above the $3,250 and $3,280 levels, recharging investor optimism.

A brief glimmer of hope was ignited with a move above the 23.6% Fib retracement level of the downward trajectory from a swing high of the $3,655 to the $3,215 low. However, market pessimists were hyperactive around the $3,360 resistance. Market bulls struggled persistently, causing the price to react with a downward spiral.

Earlier, there was a breakdown below a rising channel, underpinned by stout support at $3,320 on the hourly chart of ETH/USD. Ethereum now finds itself trading below the nerve-wracking $3,300 mark, and the pivotal 100-hourly Simple Moving Average.

The arresting resistance is lurking around the $3,300 level, with the first major resistance hovering near the $3,360 level. The subsequent pivotal resistance positions itself at $3,435 or the 50% Fib retracement level of the downward swing from a high of $3,655 to the low of $3,215. The price might audaciously test the $3,500 level if it manages to scale above these resistances.

Staring at it from the downside, if Ethereum fails to overcome the $3,360 resistance barrier, it might persist in its downwards trail. The first line of support on the downside rests near the $3,240 level. The first significant support dwells near the $3,215 zone, and the next formidable support potentially could be the $3,200. Ethereum’s price might plunge towards $3,120 if it decisively moves below the $3,200 support. Any further losses might steer the price to the nerve-racking $3,040 level.

Observing the technical indicators, the MACD for ETH/USD on an hourly basis is gaining momentum in the bearish zone. Furthermore, the RSI for ETH/USD now sits below the alarming 50 level. The major support level rests at $3,215 while the significant resistance level situates itself at the $3,360 threshold.