Things are heating up in Ethereum (ETH)

Ethereum price started a strong rise above the $3,200 level. ETH outperformed Bitcoin and even surpassed the $3,300 resistance. However, the bears continue to threaten the $3,350 band.

A high was formed at $3,355 and the price started a new decline. There was a sharp move below the USD 3,300 level. The price fell below the 50% Fibonacci retracement level after a rise from $3,070 to $3,355.

On the ETH/USD hour chart, there was also a break below the important rise trend line, where there is support at $3,250. Ethereum is currently trading below $3,220 and the 100 hourly Simple Moving Average. However, the bulls are active near the $3,165 support and the 61.8% Fib retracement level of the rise from $3,070 to $3,355. Immediate resistance is near the $3,210 level and the 100 hourly Simple Moving Average.
What do the indicators for Ethereum (ETH) show?
The first major resistance is near the USD 3,250 level. The next key resistance is located at $3,350, above which the price could gain traction and rise towards the $3,465 level. A close above the $3,465 resistance could send the price towards the $3,550 resistance. If there is a move above the $3,550 resistance, Ethereum could even test the $3,680 resistance. Further gains could send Ether towards the $3,750 resistance zone.
If Ethereum fails to break the $3,210 resistance, it could continue to decline. The first support on the downside is near the USD 3,180 level. The first major support is near the USD 3,165 zone.

The main support is near the USD 3,070 level. A clear move below the $3,070 support could set the pace for further losses and send the price towards $3,030. Further losses could push the price towards the $2,880 level in the near term.

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