The price of Ethereum starts to drop again from the resistance level of $3,550. ETH shows bearish signs and may break below the $3,300 level.
Ethereum starts to drop again from the $3,550 area.
The price is below $3,450 and the 100-hour simple moving average.
On the hourly chart of ETH/USD (data provided by Kraken), it broke below the connecting bullish trend line, with support at $3,450.
If the currency pair breaks below the $3,300 level, it may gain bearish momentum.
Ethereum price drops to support level
Ethereum price struggles to break the resistance level of $3,550 and begins a new round of decline like Bitcoin. ETH is trading below the support levels of $3,450 and $3,420.
On the hourly chart of ETH/USD, it broke below the support level at $3,450 of the connecting bullish trend line. The currency pair even dropped below the 50% Fibonacci retracement level of the upward wave from the swing low of $3,225 to the high of $3,543.
The price of Ethereum is currently below $3,450 and the 100-hour simple moving average. It is currently testing the support level at $3,300, and above the 76.4% Fibonacci retracement level of the upward wave from the swing low of $3,225 to the high of $3,543.
On the upside, the price seems to face resistance near $3,380. The first major resistance level is around $3,420. The current major resistance level is around $3,500. If the price clearly breaks above the $3,500 resistance level, it may drop towards the $3,550 resistance level.
Breaking the resistance level of $3,550 may bring more gains in the coming trading days. In this case, Ethereum may rise to the resistance level of $3,650 or even $3,720 in the short term.
Will ETH's losses be even greater?
If Ethereum fails to break the resistance level of $3,420, it may continue to decline. The initial support level on the downside is around $3,320. The first major support level is around $3,300.
Breaking below the $3,300 support level may push the price towards the $3,250 support level. If the price drops further, it may fall towards the $3,220 support level in the short term. The next key support level is at $3,110.
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 area.
Major support level - $3,300
Major resistance level - $3,420