Ethereum reverses trend: Can ETH bulls turn the tide?

Ethereum price failed to break above the $3,520 area and subsequently started a correction. Currently, ETH price is showing signs of a bear market and has fallen below the $3,400 support area.

After failing to surpass the $3,520 area, Ethereum started a downward adjustment. Currently, it is trading below $3,400 and the 100 hourly simple moving average. On the hourly chart of ETH/USD, a key bear trend line is forming with resistance near $3,410. The pair is currently at risk of falling below the $3,350 support area.

Ethereum price failed to rise continuously and break above the $3,520 and $3,550 resistance levels. A top was formed near $3,520 and then started a new round of decline, similar to the trend of Bitcoin. The price fell below the $3,450 and $3,420 support levels.

The bears have pushed the price below the 50% Fibonacci retracement level of the upward wave from the $3,351 swing low to $3,516 high. Currently, the price has given back most of the gains and it could continue to decline below the $3,350 support area. Ethereum is currently trading below the $3,400 level and the 100 hourly simple moving average, while it is also below the 76.4% Fibonacci retracement level of the same upward wave.

In case of a rebound, the price is likely to face resistance near the $3,400 level. On the hourly chart of ETH/USD, a key bearish trend line is forming with resistance near $3,410. The first major resistance is near $3,435, while the next important resistance is near $3,465. A close above $3,465 could propel Ethereum towards the $3,520 resistance level. The next key resistance is near $3,550, above which the price is likely to rise further. Any larger gains could bring Ethereum closer to the $3,650 resistance area in the short term.

From the technical indicators, the hourly MACD of ETH/USD is accelerating downward in the bear market area, and the hourly RSI has also fallen below 50, showing the short-term correction pressure of the market. Overall, Ethereum is currently in an important technical adjustment period.

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