Ethereum, that digital darling of the crypto world, tried to strut past $3,300 like it owned the place. But alas, it stumbled, tripped, and now it’s limping around $3,080 like a toddler who’s just discovered gravity. ETH, you had one job.
- Ethereum started its descent below $3,240 and $3,200, because why not? 📉
- It’s now trading below $3,200 and the 100-hourly Simple Moving Average, which sounds fancy but really just means it’s losing its mojo.
- There was a break below a key bullish trend line with support at $3,200 on the hourly chart of ETH/USD (data feed via Kraken). In layman’s terms: Oops. 💥
- The pair could continue to slide if it stays below the $3,200 zone. So, buckle up, buttercup. 🚗💨
Ethereum Price Trims Gains (Because Who Needs Gains Anyway?)
Ethereum’s price failed to continue higher above $3,300 and started a downside correction, much like its older sibling Bitcoin. ETH dipped below $3,240 and $3,220, officially entering a bearish zone. Bears are cute, but not when they’re eating your investments. 🐻
There was a break below a key bullish trend line with support at $3,200 on the hourly chart of ETH/USD. The pair even dipped below $3,150, because why not add insult to injury? A low was formed at $3,123, and now the price is consolidating losses, which is just a fancy way of saying it’s taking a breather from its downward spiral.
Ethereum price is now trading below $3,200 and the 100-hourly Simple Moving Average. If the bulls can protect more losses below $3,120, the price could attempt another increase. Immediate resistance is seen near the $3,180 level, because obviously, ETH needs all the help it can get.
The first key resistance is near the $3,200 level. The next major resistance is near the $3,220 level or the 50% Fib retracement level of the recent decline from the $3,308 swing high to the $3,123 low. Got all that? Neither did I. 😅
A clear move above the $3,220 resistance might send the price toward the $3,250 resistance. An upside break above the $3,250 region might call for more gains in the coming days. In this rosy scenario, Ether could rise toward the $3,300 resistance zone or even $3,320 in the near term. But let’s not get ahead of ourselves, shall we?
More Losses In ETH? (Yes, Probably.)
If Ethereum fails to clear the $3,220 resistance, it could start a fresh decline. Initial support on the downside is near the $3,120 level. The first major support sits near the $3,080 zone, which sounds like a place where lost socks go.
A clear move below the $3,080 support might push the price toward the $3,020 support. Any more losses might send the price toward the $3,000 region, because why not hit rock bottom?
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. 🐻
Hourly RSI – The RSI for ETH/USD is now below the 50 zone. 📉
Major Support Level – $3,120
Major Resistance Level – $3,220
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2026-01-08 06:25