{"id":29196,"date":"2025-01-13T18:49:31","date_gmt":"2025-01-13T23:49:31","guid":{"rendered":"https:\/\/leadingcryptonews.com\/recovery-finds-resistance-at-3320-level\/"},"modified":"2025-01-13T18:49:31","modified_gmt":"2025-01-13T23:49:31","slug":"recovery-finds-resistance-at-3320-level","status":"publish","type":"post","link":"https:\/\/leadingcryptonews.com\/recovery-finds-resistance-at-3320-level\/","title":{"rendered":"Recovery Finds Resistance at $3,320 Level"},"content":{"rendered":"
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TLDR<\/h2>\n
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Ethereum has shown a modest recovery from $3,160, moving above the $3,200 mark while facing resistance at $3,320<\/li>\n
A bullish trend line is forming with support at $3,250 on the hourly chart<\/li>\n
Key resistance levels are established at $3,320 and $3,450, with potential for movement to $3,500 if broken<\/li>\n
Technical indicators suggest bearish momentum with MACD in the bearish zone and RSI below 50<\/li>\n
If support at $3,220 breaks, ETH could test lower levels at $3,160 and potentially $3,050<\/li>\n<\/ul>\n
Ethereum has initiated a recovery phase, moving above the $3,200 price level after finding support at $3,160. The second-largest cryptocurrency by market capitalization has shown resilience in its recent price action, though it continues to face challenges at higher levels.<\/p>\n
The recovery movement began after ETH established a local bottom at $3,160, with buyers stepping in to push prices higher. This upward momentum carried the price through initial resistance levels at $3,200 and $3,220, marking the first steps in what appears to be a broader recovery attempt.<\/p>\n
Technical analysis reveals the formation of a bullish trend line with support positioned at $3,250 on the hourly chart. This pattern suggests that buyers are attempting to establish a foundation for potential further gains, though the market remains cautious.<\/p>\n
The price action has cleared the 23.6% Fibonacci retracement level, measured from the recent swing high of $3,743 to the low of $3,160. This technical milestone indicates some buying pressure, though the movement remains contained below stronger resistance levels.<\/p>\n
Current market conditions show ETH trading below both the $3,320 price point and the 100-hour Simple Moving Average, suggesting that bears maintain some control over short-term price action. The presence of these technical barriers has created a challenging environment for immediate upward movement.<\/p>\n
The $3,300 region has emerged as a notable resistance zone, with multiple attempts to break above this level being rejected. Traders are closely monitoring the $3,320 mark as a key level that could determine the next directional move.<\/p>\n
A more substantial resistance level sits at $3,450, which coincides with the 50% Fibonacci retracement level of the recent downward movement. This price point represents a critical barrier that bulls need to overcome to establish a more convincing recovery narrative.<\/p>\n