Ethereum price continues to decline, breaking below the $3,450 area. ETH is currently recovering some ground, and if it breaks the $3,445 resistance level, it may rise.
Ethereum breaks below the $3,500 area and starts to decline again.
The price is below $3,450 and the 100-hour simple moving average.
On the hourly chart of ETH/USD (data provided by Kraken), it broke through the connecting bearish trendline, with resistance at $3,300.
If it breaks through the resistance levels of $3,450 and $3,500, the currency pair may start to rise significantly.
Ethereum price remains above $3,200
Ethereum price struggles to start a new upward move above $3,500 and continues to trend downwards like Bitcoin. ETH is gaining bearish momentum below $3,400 and is trading below $3,320.
The price is currently consolidating above the support levels of $3,220 and $3,200. A low was formed at $3,220, and the price is currently consolidating. It broke through the $3,250 level. The price broke through the 50% Fibonacci retracement level of the downward trend from the high of $3,553 to the low of $3,220.
ETH/USD broke through the connecting bearish trendline on the hourly chart, with resistance at $3,300. The Ethereum price is currently below $3,450 and the 100-hour simple moving average.
From the upside perspective, the price seems to face resistance near $3,445. This level is close to the 61.8% Fibonacci retracement level of the downward trend from the high of $3,553 to the low of $3,220. The first major resistance level is around $3,480.
The main resistance level is currently forming near $3,550. If there is a clear break above the $3,550 resistance level, the price may drop towards the resistance level of $3,650. If it breaks the $3,650 resistance level, it could bring more gains in the coming trading days. In this case, Ether may rise towards the resistance level of $3,720, or even $3,800.
ETH falls again?
If Ethereum fails to break through the $3,445 resistance level, it may continue to decline. The initial support level on the downside is around $3,300. The first major support level is near the $3,220 area.
Breaking below the $3,200 support level could push the price towards the $3,120 support level. If the price declines further, it may drop to the $3,050 support level in the short term. The next key support level is at $3,000.
Technical indicators
Hourly MACD - The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI - The RSI for ETH/USD is now above the 50 zone.
Main support level - $3,220
Main resistance level - $3,445
