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Ethereum Trimmed Its Gains While $3200 Remains Key

Ethereum trimmed its gains slightly but the $3200 level remains the key for another upward move as we can see more today in our latest Ethereum latest news.

Ethereum trimmed its gains of the $3450 resistance against the dollar but the price has to stay above $3200 to start a new upward move. Ethereum started a new decline from the $3480 and the $3450 resistance levels. The price is trading below $3300 and the 100 hourly simple moving average but there was also a break below the bullish trend line with support near $3300 on the hourly chart of the pair which can start a new increase if it manages to stay above $3200.

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ETH 24-hour Price Chart (Source: Coingecko)

Ethereum failed to gain bullish momentum above the $3450 resistance zone and ETH formed a new high near $3446 with the price starting a new decline. The move below the support zone could bring a break below the trend line and $3300 but the ETH price is now trading below $3300 and the 100 hourly simple moving average. ETH moved below the $3250 level and formed a new low near $3215 but the price is now consolidating the gains above $3200.

The immediate resistance is close to the $3270 level and it is near the 23.6% fib retracement from the drop of $3446 high to $3215 low. The next major resistance is close to the $3300 level but the ETH price has to clear the $3300 resistance and start a new surge. In the sated case, the price can surpass $3350 or the 50% fib retracement level from the drop of $3446 high to the $3215 low. The next major stop for the bulls can be set at $3450. If ETH fails to start a new increase above the $3300 level it can continue to move down and the initial support is near the $3240 zone.

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ETH 7-day Price Chart (Source: coingecko)

The next major support is close to the $3220 level with the main support being near the $3200 zone. The downside break below this level could spark a new decline and in the stated caste, there is a risk of a move to the $3050 level. The hourly MACD for the pair is losing pace in the bearish zone while the hourly RSI is well below the 50 levels.

As recently reported, Ronin is an Ethereum sidechain for the NFT game Axie Infinity and recently a hacker drained $622M from it. The stolen funds were drained from the bridge that connects Ronin to the Ethereum mainnet and since it is an ETH Sidechain developed for the game, it was targeted in a hack that saw the $625 million worth of crypto drained from its bridge.

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Author: Stefan