# Ethereum Price Decline: Gradual Drop Driven by Market Pressure
Ethereum recently failed to break over the $3,650 resistance level, which caused a drop below $3,550 and indicated continued bearish tendencies. The 100-hour Simple Moving Average and the crucial $3,550 support level were both broken by the price.
Strong resistance is highlighted by a notable negative trend line near the $3,650 mark on the hourly Kraken chart of ETH/USD. Losses could persist if a position is unable to be kept above this resistance.
While Ethereum did briefly surpass the 23.6% Fibonacci retracement line, more advances are probably going to run into resistance at $3,550. Situated near the negative trend line at $3,650 and the 50% Fibonacci retracement level, the $3,570 mark presents a formidable obstacle.
Should Ethereum be able to surpass $3,650, It might attempt the $4,000 zone and encounter resistance at $3,720 and $3,820. If $3,550 is not broken, there might be more drops, with $3,475 serving as initial support and $3,430 serving as a more significant support zone.
Technical indicators that point to deteriorating momentum within the bearish region are the hourly MACD and RSI. In conclusion, Ethereum's failure to break through significant resistance levels suggests ongoing negative forces, which could result in additional drops until crucial support levels are reclaimed.
The newsbtc.com source
