#Ethereum Price Downward Drift: Decline Resumes Again
Ethereum struggled to surpass the $3,720 resistance, leading to another decline and raising concerns about potential losses below the critical $3,550 support.
After briefly surging above $3,700, Ethereum faced resistance and dropped below $3,650 and the 100-hourly Simple Moving Average. A significant #BEARISH📉 trend line is forming with resistance around $3,680 on the hourly chart of ETH/USD.
If Ethereum fails to breach the $3,650 resistance, downside movement may continue towards initial support near $3,550, followed by the critical $3,520 zone and $3,500. Further declines could target $3,320 and $3,250.
Key resistance levels include $3,640, $3,680, and $3,720. Surpassing these levels might lead to further upward movement towards $3,750, $3,800, and $3,880.
Technical indicators show increased bearish momentum, with the MACD indicating downside pressure and the RSI below the 50 zone.
- Key Support: $3,550
- Key Resistance: $3,650
Source - newsbtc.com
