Ethereum is struggling to recover above the $345 and $350 resistance levels against the US Dollar. ETH price is likely to continue lower below $330 unless it recovers above $355.
- Ethereum corrected a few points higher, but it failed to climb above the $350 level.
- The price is declining below $345 and it is well below the 100 hourly simple moving average.
- There was a break below a key contracting triangle with support near $340 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to continue lower and it could even break the $330 low.
Ethereum Price Could Accelerate Losses
Yesterday, we saw a sharp decline in Ethereum below the $355 support level. ETH price even broke the $340 level and settled well below the 100 hourly simple moving average.
It traded to a new weekly low at $331 and recently started an upside correction. There was a recovery wave above the $340 level. Ether price even climbed above the 23.6% Fib retracement level of the downward move from the $375 high to $331 low.
However, the price struggled to continue above the $350 resistance. It remained well below the $355 resistance, and the 50% Fib retracement level of the downward move from the $375 high to $331 low.
