Ethereum price falls again: is the decline intensifying?
Ethereum price has started to decline again from the $3,550 resistance level. ETH is currently showing bearish signs and may fall below the $3,300 level.
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Ethereum price struggled to break the $3,550 resistance level and started a new round of decline like Bitcoin. ETH is trading below the $3,450 and $3,420 support levels.
On the hourly chart of ETH/USD, there was a break above the connecting bullish trend line with support at $3,450. The pair even fell below the 50% Fibonacci retracement level of the upward wave from the $3,225 swing low to $3,543 high.
Ethereum price is currently trading below $3,450 and the 100 hourly simple moving average. It is currently testing the $3,300 support level and it is above the 76.4% Fibonacci retracement level of the upward wave from the $3,225 swing low to $3,543 high.
On the upside, the price seems to be facing resistance near the $3,380 level. The first major resistance is near the $3,420 level. The major resistance is currently near the $3,500 level. If the price breaks clearly above the $3,500 resistance level, it could drop towards the $3,550 resistance level.
A break above the $3,550 resistance level could result in more gains in the coming sessions. In such a case, Ether could move towards the $3,650 resistance level or even $3,720 in the near term.
If Ethereum fails to break above the $3,420 resistance level, it could continue to decline. An initial support on the downside is near the $3,320 level. The first major support is near the $3,300 level.
A break below the $3,300 support could push the price towards the $3,250 support. If the price declines further, it could drop towards the $3,220 support in the near term. The next key support is at $3,110.
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 – $3,300
Major Resistance – $3,420
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