Ethereum Price Plummets: Can Bulls Step In?
Ethereum price falls below $3,650
Ethereum struggled to start a new uptrend above $3,680 and extended losses like Bitcoin. ETH gained bearish momentum below the $3,650 level and fell below $3,600.
It even dropped below $3,550, spiking down to below $3,420. A low was formed at $3,324, and the price is now consolidating losses. There is also a key bearish trend line forming on the ETH/USD hourly chart, with resistance at $3,650.
Ethereum price is now trading below $3,550 and the 100-hour simple moving average. On the bright side, the price seems to be facing obstacles around $3,510. It is approaching the 23.6% Fibonacci retracement level from the swing high of $4,105 down to the low of $3,324.
The first major resistance level is around $3,650. There is also a key bearish trend line forming on the ETH/USD hourly chart, with resistance at $3,650.
Ethereum Price
The major resistance level is now forming around $3,715 or at the 23.6% Fibonacci retracement level from the swing high of $4,105 down to the low of $3,324. A clear breakout above the $3,715 resistance could push the price towards the $3,800 resistance level. An upside breakout above the $3,800 resistance may require more gains in the coming trading days. In such a case, Ether could rise to the $3,880 resistance zone or even $4,000.
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