Ethereum price starts a new decline from the $3,550 resistance level. ETH now shows bearish signs and may drop below the $3,300 level.
Ethereum starts a new decline from the $3,550 area.
Price is below $3,450 and the 100-hour simple moving average.
Break below the connecting bullish trend line on the ETH/USD hourly chart, with support at $3,450 (data feed from Kraken).
If the pair closes below $3,300, it may gain bearish momentum.
Ethereum price drops to support
Ethereum price struggles to continue higher above the $3,550 resistance level and starts a new decline like Bitcoin. ETH is trading below the support levels of $3,450 and $3,420.
On the ETH/USD hourly chart, a break below the connecting bullish trend line, with support at $3,450. The pair even dropped below the 76.4% Fibonacci retracement level from the swing low of $2,376 to the swing high of $3,225.
Ethereum price is now trading below $3,450 and the 100-hour simple moving average. It is currently testing the $3,300 support level and is above the 76.4% Fibonacci retracement level from the swing low of $2,376 to the swing high of $3,225.
On the positive side, the price seems to face obstacles around $3,380. The first major resistance level is around $3,420. The main resistance level is now forming around $3,500. A significant breakthrough above the $3,500 resistance level could lead the price towards the $3,550 resistance level.
Source: ETHUSD on TradingView.com
A breakout above the $3,550 resistance level may require more gains in the coming trading days. In such a case, Ether could rise to $3,650 or even $3,720 in the short term.
More losses for ETH?
If Ethereum fails to clear the $3,420 resistance level, it may continue to decline. The initial support level on the downside is around $3,320. The first major support level is near $3,300.
A significant drop below the $3,300 support level could push the price towards the $3,250 support level. Any further losses could bring the price down to the $3,220 support level in the short term. The next key support level is at $3,110.
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 area.
Main Support Level – $3,300
Main Resistance Level – $3,420
