The price of Ethereum started to drop significantly below $3,880. ETH has fallen over 5% and shows bearish signs below $3,680.
Ethereum broke below the $3,800 region and began to decline again.
The price is below $3,680 and the 100-hour simple moving average.
A new connecting bearish trend line has formed on the hourly chart of ETH/USD, 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.
The price of Ethereum fell below $3,800
The price of Ethereum struggles to maintain above $3,880 and begins a new round of decline like Bitcoin. ETH gains bearish momentum below $3,800 and breaks below $3,680.
It even broke below $3,600 and surged below $3,550. The low formed at $3,543, and the price is currently consolidating losses. A new connecting bearish trend line has also formed on the hourly chart of ETH/USD, with resistance at $3,800.
The price of Ethereum 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 of the downward move from the high of $4,105 to the low of $3,537.
The first major resistance level is around $3,800, or the 50% Fibonacci retracement level of the downward move from the swing high of $4,107 to the low of $3,837.
The main resistance level is currently forming around $3,880. If the resistance level at $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 could be more upward movement in the coming trading days. In this case, Ethereum may rise towards the resistance level of $4,150, or even $4,220.
Will ETH's losses be even greater?
If Ethereum fails to break above 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.
Breaking below the support level of $3,500 may push the price towards the support level of $3,450. If the price declines further, it may fall towards the support level of $3,350 in the short term. The next key support level is at $3,220.
