Ethereum price starts to decline significantly below $3,880. ETH has dropped over 5% and shows bearish signs below $3,680.
Ethereum falls below the $3,800 region and starts to decline again.
The price is below $3,680 and the 100-hour simple moving average.
On the hourly chart for ETH/USD, a new connecting bearish trendline has formed, with resistance at $3,800 (data provided by Kraken).
If the currency pair fails to maintain above the support area of $3,550, it may continue to decline.
Ethereum price falls below $3,800
Ethereum price struggles to maintain above $3,880 and begins a new round of decline like Bitcoin. ETH gains bearish momentum below $3,800 and falls below $3,680.
It even fell below $3,600 and surged below $3,550. The low was formed at $3,543, and the current price is consolidating losses. A new connecting bearish trendline has also formed on the hourly chart for ETH/USD, with resistance at $3,800.
Ethereum price is currently below $3,620 and the 100-hour simple moving average. On the upside, the price seems to face resistance near $3,670. It is close to the 23.6% Fibonacci retracement level from the swing high of $4,105 to the swing low of $3,537.
The first major resistance level is near $3,800, or the 50% Fibonacci retracement level from the swing high of $4,107 to the swing low of $3,837.
Currently, a major resistance level is forming around $3,880. If the resistance level of $3,880 is clearly broken, the price may drop towards the resistance level of $4,000. If the resistance level of $4,000 is broken, there may be more upward movement in the coming trading days. In this case, Ether may rise towards the resistance level of $4,150, or even $4,220.
Will ETH's losses get even bigger?
If Ethereum fails to break through the resistance level of $3,680, it may continue to decline. The initial support level on the downside is near $3,550. The first major support level is around the $3,500 region.
Falling below the support level of $3,500 could push the price towards the support level of $3,450. If the price continues to drop, it may fall towards the support level of $3,350 in the short term. The next key support level is at $3,220.
Technical indicators:
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 region.
Major support level - $3,550
Major resistance level – $3,680