#Ethereum Price Slips: Slow Descent as Market Pressure Mounts
Ethereum's attempt to break above the $3,650 resistance failed, resulting in a downturn below $3,550 and signaling persistent bearish trends. The price slipped below the critical $3,550 support and the 100-hourly Simple Moving Average.
On the ETH/USD hourly chart from Kraken, a significant bearish trend line has emerged near the $3,650 threshold, indicating resistance. Failure to sustain positioning above this resistance may extend losses.
Although Ethereum briefly surpassed the 23.6% Fibonacci retracement level, further gains may face resistance around $3,550. The $3,570 mark represents a significant hurdle, closely aligned with the 50% Fibonacci retracement level and a crucial bearish trend line near $3,650.
An upside breakthrough above $3,650 could lead to resistance levels at $3,720, $3,820, and potentially a challenge of the $4,000 zone. Conversely, failure to breach $3,550 may prompt further downside movement, with initial support at $3,475 and a more substantial zone near $3,430.
Technical indicators, like the hourly MACD and RSI, suggest weakening momentum in the bearish zone. In summary, Ethereum's struggle to surpass key resistance levels indicates ongoing bearish pressures, potentially leading to further downside unless critical support levels are reclaimed.
Source - newsbtc.com
