Ethereum (ETH) Price Faces Uphill Task as It Struggles to Surpass $3,400 Resistance

Ethereum (ETH) struggled to surpass $3,400 and declined again below $3,250 like Bitcoin. The price is still showing bearish signs below $3,400.

Ethereum price failed to clear the $3,400 resistance and declined again below $3,250 like Bitcoin. The price is still showing bearish signs below $3,400.

ETH might attempt another increase if it stays above the $3,000 zone. On the upside, the price could face resistance near the $3,320 level. The first major resistance sits near the $3,400 level and the same trend line.

The next resistance is near the $3,420 level and the 50-day simple moving average (blue). A clear move above the $3,420 level could open the doors for a steady increase toward the $3,525 level. If ETH settles above the $3,525 resistance, there could be a drift toward the $3,740 resistance.

Conversely, if the bears remain in action, there could be more losses in the coming sessions. Immediate support on the downside is near the $3,120 level.

The first major support sits near the $3,020 level. It is close to the 61.8% Fib retracement level of the upward wave from the $2,360 swing low to the $4,095 high.

A daily close below the $3,020 level might send ETH further lower. In the stated case, the price could drop and test the $2,770 support. It coincides with the 76.4% Fib retracement level of the upward wave from the $2,360 swing low to the $4,095 high.

If the bulls fail to defend the $2,770 support, Ethereum might even decline and retest the $2,360 support zone in the coming days.