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#Ethereum Faces Downside Risk After Fed Rate Decision
#Ethereum (ETH) is struggling to break above the $3,650 resistance and has been pushed back after the Fed's rate hike decision. The price is currently below $3,550, showing signs of a potential selloff.
Fresh Downtrend Emerges Below $3,580
#ETH has entered a fresh downtrend below the $3,580 support and the 100-hour SMA. A descending trendline is forming with resistance at $3,610.
Key Resistances at $3,600 and $3,650
The initial major resistance is $3,600, close to the descending trendline. A break above $3,600 could open the path towards $3,650. Clearing $3,650 could then push the price towards $3,720.
Potential Upside Towards $3,800 and $3,880
A clear move beyond $3,720 may allow for a test of $3,800, followed by the $3,880 resistance if the uptrend continues.
Deep Downside Risk if $3,600 Remains Unbreached
Failure to overcome $3,600, #ETH could extend its decline. The next supports are $3,480 and $3,420. A break below $3,420 could then drag the price towards $3,320 and $3,250.$ETH
