Ethereum (ETH) struggled to stay above $3,500 and declined further toward $3,150, like Bitcoin. The price is now showing a few bearish signs below $3,400.
Ethereum Price Breaks Support
In the past few days, there has been a steady decline in Ethereum. Recently, ETH attempted a fresh increase above the $3,450 level, but the bears remained active. They protected the $3,750 resistance, sparking a fresh decline like Bitcoin.
There was a clear move below the $3,500 and $3,400 levels. The price even spiked below the 50% Fib retracement level of the upward wave from the $2,360 swing low to the $4,094 high.
Ethereum price daily chart | Source: ETH/USD on TradingView.com
Ethereum is now trading well below the $3,500 level and the 50-day simple moving average (blue). More importantly, there was a break below a connecting bullish trend line with support at $3,320 on the daily chart.
These are worrying signs for the bulls in the short term. If the bears remain in action, there could be more losses below the $3,200 level. Immediate support on the downside is near the $3,150 level.
The first major support sits near the $3,000 level. It is close to the 61.8% Fib retracement level of the upward wave from the $2,360 swing low to the $4,094 high. A daily close below the $3,000 level might spark more bearish moves in ETH.
In the stated case, the price could drop and test the $2,770 support. If the bulls fail to defend the $2,770 support, Ethereum might even decline and retest the $2,350 pivot zone.
Recovery In ETH?
Conversely, Ethereum might attempt a recovery wave from $3,150 or $3,000. On the upside, the price could face resistance near the $3,300 level and the same trend line.
The first major resistance sits near the $3,500 level. The next resistance is near the $3,550 level and the 50-day simple moving average (blue). A clear move above the $3,550 level could open the doors for a strong increase toward the $3,750 level. If ETH bulls push the price above the $3,750 resistance, the bulls could aim for $4,050.
Overall, Ethereum price is showing bearish signs below $3,500 and $3,400. If Ethereum slides below the $3,150 and $3,000 levels, it could even dive toward the $2,770 support in the coming days.
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