Ethereum price extended its decline and traded below the $3,660 support area. ETH even declined below $3,600 before the bulls emerged. A low was formed near $3,574 and the price is currently correcting losses, just like bitcoin.
The price broke the $3,650 and $3,660 levels. The price climbed above the 50% Fibonacci retracement level of the down move from the $3,838 high to $3,574 low. However, there was no close above the $3,700 level.
Ethereum is currently trading below the $3,740 level and the 100 hourly simple moving average. If there is another up move, ETH is likely to face resistance near $3,700.
The first major resistance is near the $3,740 level. There is also a key bearish trend line forming with resistance near $3,740 on the hourly chart of ETH. The trend line is close to the 61.8% Fibonacci retracement level of the down move from the $3,838 high to $3,574 low.
A break above the $3,740 resistance is likely to push the price higher. The next key resistance is at $3,800, above which the price is likely to rise and move towards the $3,840 level. If the bulls push Ether above $3,840, the price is likely to move up and test the $4,000 resistance. If it moves further up, Ether is likely to drop to the $4,080 resistance.
If Ethereum fails to clear the $3,740 resistance, it is likely to continue its decline. An initial support on the downside is near the $3,660 level. The next major support is near the $3,640 area.
The major support is at $3,580. If it falls below the $3,580 support, the price is likely to drop towards $3,500. If the price falls further, it may fall towards $3,450 in the short term.
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 zone.
Major support level – $3,640
Major resistance level – $3,740
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