#ETHProspects

Ethereum Price Breaks Support

Ethereum price is struggling below the $3,400 resistance. ETH is showing some bearish signs and may drop below the $3,150 support.

Ethereum failed to gain momentum to close above $3,350 and $3,400.

The price is trading below $3,300 and the 100-hourly Simple Moving Average.

There was a decline below a key contracting triangle with support at $3,270 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could start rising again if it stays above the $3,120 support level.

Ethereum price started a decent up move from the $3,220 level but the gains were limited compared to Bitcoin. ETH managed to break the $3,300 resistance before the bearish trend emerged.

A top was formed at $3,361 and the price is now moving lower. There was a move below the $3,250 and $3,220 support levels. Additionally, there was a decline below a key contracting triangle with support at $3,270 on the hourly chart of ETH/USD.

A low was formed at $3,201 and the price is now consolidating. Ethereum price is now trading below $3,300 and the 100-hour Simple Moving Average. On the upside, the price seems to face resistance near the $3,280 level or the 50% Fib retracement level of the down move from the $3,363 swing high to $3,201 low.

The first major resistance is near the $3,300 level or the 61.8% Fib retracement level of the down move from the $3,363 swing high to $3,201 low. The main resistance is now forming near $3,350.

towards the $3,120 support. Any further losses could send the price towards the $3,050 support level in the short term. The next key support is located at $3,000.