Ethereum Price Analysis: ETH at risk of further decline below $3,550 support

Ethereum price faces continued downtrend

Ethereum attempted to break above the $3,650 resistance area but once again encountered selling pressure. Despite briefly breaking above $3,700, momentum faded as sellers took control of the market. The cryptocurrency quickly declined, breaking below the $3,660 and $3,650 mark.

Resistance and Trendline Analysis

If Ethereum attempts to rebound again, it might face resistance near the 23.6% Fibonacci retracement level of the recent downtrend from the $3,710 high to $3,565 low. An initial significant resistance is seen near $3,640.

Moreover, a bearish trend line has emerged on the hourly chart of ETH/USD with resistance near $3,680. The trend line is closely aligned with the 61.8% Fibonacci retracement level of the downtrend from the $3,710 high to $3,565 low.

A break above the $3,680 resistance level is likely to push the price higher, followed by resistance at $3,720. A break above $3,720 could pave the way for $3,750 or even $3,800. Any additional gains could push Ethereum towards the $3,880 resistance zone.

Further declines possible

If Ethereum fails to break above the $3,650 resistance level, there is still a chance of further declines. An initial support is expected near $3,550, followed by significant support near $3,520.

The major support is near $3,500. A decisive break below this level could lead to a drop towards $3,320, further declines could extend to the $3,250 area in the near term.

Technical indicators:

Hourly MACD – The MACD for ETH/USD is accelerating in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 level. Main support level - $3,550 Main resistance level - $3,650

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