Don't make a mistake! Ethereum price is going down, is the next trend more dangerous?

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Ethereum (ETH) price has started to pull back again since the $3,550 pullback level, and is currently showing bearish signals, and may fall below the $3,300 support level.

Ethereum failed to break the hourly resistance level of $3,550, and the price has fallen below $3,450 and the $100 simple moving average. On the hourly chart of ETH/USD, the bullish trend line with support at $3,450 was broken, suggesting that the downward trend has strengthened. The pair fell below $3,300 and may accelerate its downward trend.

The price once tried to break through $3,550, but failed, and then started a new downward trend. ETH price has fallen below the $3,450 and $3,420 support levels, and has fallen below the 50% Fibonacci retracement level of the upward movement from $3,225 to $3,543. Currently, Ethereum is testing the $3,300 support and has approached the 76.4% Fibonacci retracement level.

From an upside perspective, the price is encountering resistance near $3,380, with the first major resistance at $3,420, and if it breaks through this level, it may increase to $3,500. After breaking through the $3,500 resistance, Ethereum may further increase further, with the target of $3,550 and even the prospect of climbing to $3,650 or $3,720.

However, if it fails to break through the $3,420 resistance, ETH may continue to pull back, with the initial support near $3,320 and the main support at $3,300. If it falls below $3,300, the price may fall further to $3,250 and even support at $3,220 or $3,110.

Technical indicators:

MACD (Moving Average Convergence/Divergence Indicator): Accumulating momentum in the bearish zone.

RSI (Relative Strength Index): RSI below 50 indicates selling pressure.

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