The Ethereum price failed to break through the resistance level of $3,450 and continued to decline. ETH is struggling, and if it goes below $3,500, it may continue to drop.
Ethereum is falling again from the $3,450 region.
The price is below $3,400 and the 100-hour simple moving average.
On the hourly chart of ETH/USD, a connecting bearish trend line has formed, with resistance at $3,340 (data provided by Kraken).
The currency pair may struggle to break through the resistance level of $3,400 and start a new uptrend.
The Ethereum price continues to decline.
The Ethereum price failed to start a rebound wave above $3,500 and continued to decline like Bitcoin. ETH fell below the support levels of $3,450 and $3,400.
The price has clearly fallen below $3,350 and $3,320. A low was formed at $3,213, and the current price is consolidating below the 23.6% Fibonacci retracement level from the recent high of $3,743 to the low of $3,213. A connecting bearish trend line has also formed on the hourly chart of ETH/USD, with resistance at $3,340.
The Ethereum price is currently below $3,400 and the 100-hour simple moving average. On the positive side, the price seems to face obstacles near the $3,350 level and trend line.
The first major resistance level is around $3,475, which is the 50% Fibonacci retracement level from the recent high of $3,743 to the low of $3,213. The current major resistance level is forming around $3,500. If the resistance level of $3,500 is clearly broken, it may push the price towards the resistance level of $3,550.
Breaking the resistance level of $3,550 could bring more gains in the coming trading days. In this case, Ethereum may rise to the resistance level of $3,650 or even $3,720 in the short term.
Will ETH's losses be even greater?
If Ethereum fails to break through the resistance level of $3,400, it may drop again. The initial support level on the downside is around $3,280. The first major support level is around $3,220.
Breaking below the $3,220 support level could push the price towards the $3,150 support level. If the price drops further, it may fall towards 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 gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major support level - $3,250
Major resistance level - $3,400