The price of Ethereum continues to decline, breaking below the $3,550 region. ETH shows bearish signs and may further drop below the $3,150 level.
Ethereum has broken below the $3,550 region and is starting to decline again.
The price is below $3,500 and the 100-hour simple moving average.
A key bearish trend line has formed on the ETH/USD hourly chart, with resistance at $3,420 (data provided by Kraken).
If the currency pair fails to hold above the $3,550 support area, it may continue to decline.
Ethereum price breaks below $3,550
Ethereum price struggles to initiate a new uptrend above $3,550 and continues to decline like Bitcoin. ETH is gaining bearish momentum below $3,450 and is trading below $3,300.
It even fell below $3,220 and surged below $3,120. The low formed at $3,100, and the current price is consolidating losses. A close below the 50% Fibonacci retracement level of the recovery wave from the swing low of $3,100 to the high of $3,553 is concerning.
The price of Ethereum is currently below $3,500 and the 100-hour simple moving average. A key bearish trend line has also formed on the ETH/USD hourly chart, with resistance at $3,420.
The currency pair is currently testing the 76.4% Fibonacci retracement level of the recovery wave from the low of $3,100 to the high of $3,553. On the upside, the price seems to face resistance near $3,350. The first major resistance level is around $3,400.
The current major resistance level is forming near $3,420. If there is a clear breakout above the $3,420 resistance level, the price may drop towards the $3,500 resistance level. If the $3,500 resistance level is broken, there may be more upward movement in the coming trading days. In that case, Ether could rise towards the $3,550 resistance level or even $3,650.
Will ETH's losses be even greater?
If Ethereum fails to break above the $3,420 resistance level, it may continue to decline. The initial support level on the downside is around $3,200. The first major support level is near the $3,120 region.
Breaking below the $3,120 support level could push the price towards the $3,050 support level. If the price continues to decline, it may drop to the $3,000 support level in the short term. The next key support level is at $2,880.
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 region.
Major support level - $3,120
Major resistance level - $3,420