Ethereum price drops below $3,650
Ethereum price struggles to start a new increase above $3,680 and has expanded losses like Bitcoin. ETH gained bearish momentum below the $3,650 level and fell below $3,600.
It even fell below $3,550 and surged below $3,420. A low was formed at $3,324, and the price is now consolidating losses. There is also a key bearish trendline forming on the hourly chart of ETH/USD, with resistance at $3,650.
The Ethereum price is currently trading below $3,550 and the 100-hour simple moving average. On the bright side, the price seems to face resistance near $3,510. It is close to the 23.6% Fibonacci retracement level, moving down from the swing high of $4,105 to the low of $3,324.
The first major resistance level is near $3,650. There is also a key bearish trendline forming on the hourly chart of ETH/USD, with resistance at $3,650.
Source: ETHUSD on TradingView.com
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 to the low of $3,650. A clear breakthrough of the $3,715 resistance level may lead the price towards the $3,800 resistance level. A breakout above the $3,800 resistance level may require further gains in the coming trading days. In such a scenario, Ether could rise to the $3,880 resistance zone or even $4,000.
More losses for ETH?
If Ethereum fails to clear the resistance level of $3,650, it may continue to decline. The initial support level on the downside is around $3,350. The first major support level is near the $3,320 area.
A significant drop below the support level of $3,320 may push the price towards the support level of $3,250. Any further losses could bring the price close to the support level of $3,150 in the short term. The next key support level is at $3,050.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish area.
Hourly RSI – The RSI for ETH/USD is now below the 50 area.
Major support level – $3,320
Major resistance level – $3,650
