Ethereum failed to overcome resistance of $ 3,330 against the US dollar. The ETH price is currently at risk of additional losses in the October $ 3120 support zone.
Ethereum twice failed to erase the 3 $ 330 resistance zone.
The price is currently $ 3200 and trades below the 100-hour simple moving average.
The ETH / USD hourly chart (data feed via Kraken) had a break below the main bullish Trend line with support of about $ 3200.
The pair can continue to move downward as long as it is below resistance of $ 3,250.
Ethereum Price Faces Key Resistance
Ethereum once again resisted $ 330, similar to bitcoin, at $ 48k. However, the ETH price failed to strengthen and struggled to surpass the 3 $ 330 resistance zone.
The high was set at around $ 3,336 and the price began a new decline. It was a break below the support level of $ 3,250. There was also a break below the main bullish Trend line, with ETH / USD supporting close to $ 3200 on the hourly chart.
The price of ether is $ 3200 and is arranged within a simple moving average of 100 hours. Price retested the $ 3120 support area where the Bulls took position. The low was around $ 3120 and now the price is trying to correct upwards.
It was a break above the $ 3150 level. The price rose 23.6% after falling from a high of $ 3,336 to a low of $ 3,120.
On the plus side, initial resistance is near the $ 3200 level and 100-hour simple moving average. The main resistance is now set near the $ 3240 level. The latest drop is close to a 50% Fibonacci correction from $ 3,336 to $ 3,120.
Source: ETHUSD-on TradingView.com
A net break and close above the $ 3240 and $ 3250 resistance levels could start a new rise. The next significant resistance would be near the $ 3300 level, where the price could try to rise above $ 3,330.
Any more casualties in the ETH?
If Ethereum does not then exceed the resistance levels of $3240 and $3250, it can extend its disadvantage
