TA: Ethereum Trims Gains, $3,200 Is The Key

Ethereum started a fresh decline from the $3,450 resistance against the US Dollar. ETH price must stay above $3,200 to start a new upward move. Ethereum started a fresh decline from the $3,480 and $3,450 resistance levels. The price is now trading below $3,300 and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $3,300 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start another increase if it manages to stay above the $3,200 support zone. Ethereum Price Remains Supported Ethereum failed to gain bullish momentum above the $3,450 resistance zone. ETH formed a high near $3,446 and the price started a fresh decline. There was a move below the $3,350 support zone and the 100 hourly simple moving average. Besides, there was a break below a key bullish trend line with support near $3,300 on the hourly chart of ETH/USD. Ether price is now trading below $3,300 and the 100 hourly simple moving average. It even moved below the $3,250 level and formed a low near $3,215. The price is now consolidating gains above the $3,200 level. An immediate resistance is near the $3,270 level. It is near the 23.6% Fib retracement level of the recent decline from the $3,446 high to $3,215 low. The next major resistance is near the $3,300 level. Ether price must clear the $3,300 resistance to start a fresh surge. Source: ETHUSD on TradingView.com In the stated case, the price ...