Ethereum Price Movement Suggests More Decrease Below $330

The asset is now having a hard time recovering above the $345 and $350 resistance levels against the U.S. dollar, and its price is prone to continue going lower below the $330 line unless it recovers above the $355 level. There was a recovery move above the $340 line, and the price even went above the 23.6 percent Fibonacci retracement level of the downward pattern from the $375 high to $331 low.

Still, the price had a hard time continuing above the $350 resistance, and it remained well below the resistance line and the 50 percent Fibonacci retracement level of the downward move from the $375 high to $331 low. The next significant support level is near the $332 line, below which the price could even retest the $310 support level.

Timeline of Ethereum