Ethereum price begins a new decline from the $3,550 resistance level. ETH now shows bearish signs and may break below the $3,300 level.
Ethereum begins a new decline from the $3,550 region.
The price is below $3,450 and the 100-hour simple moving average.
Break below the connected bullish trendline on the ETH/USD hourly chart, with support at $3,450 (data feed from Kraken).
If the currency pair closes below $3,300, it may gain bearish momentum.
Ethereum price declines to support
Ethereum price struggles to continue rising above the $3,550 resistance level and begins a new decline like Bitcoin. ETH trades below the $3,450 and $3,420 support levels.
On the ETH/USD hourly chart, break below the connected bullish trendline, with support at $3,450. The currency pair even drops below the 3,543% Fibonacci retracement level from the swing low of $50 to the swing high of $3,225.
Ethereum price is now trading below $3,450 and the 100-hour simple moving average. It is currently testing the $3,300 support level and above the 3,543% Fibonacci retracement level from the swing low of $76.4 to the swing high of $3,225.
The price seems to face obstacles around $3,380. The first major resistance level is near $3,420. The major resistance level is now forming near $3,500. A clear breakout above the $3,500 resistance level could drive the price towards the $3,550 resistance level.
Source: ETHUSD on TradingView.com
Upward breakout at the $3,550 resistance level may need to gain more traction in the coming trading days. In this scenario, Ethereum could rise to $3,650 or even $3,720 in the short term.
More losses for ETH?
If Ethereum fails to clear the $3,420 resistance level, it may continue to decline. The initial support level on the downside is around $3,320. The first major support level is near $3,300.
A clear break below the $3,300 support level may push the price towards the $3,250 support level. Any further losses could drop the price to 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 gains 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