Ethereum's price has started to drop significantly below $3,880. ETH dropped over 5% and showed bearish signs below $3,680.
Ethereum has fallen below the $3,800 area and is starting to decline again.
The price is below $3,680 and the 100-hour simple moving average.
On the hourly chart of ETH/USD, a new connecting bearish trend line is formed, with resistance at $3,800 (data provided by Kraken).
If the currency pair fails to maintain above the support area of $3,550, it may continue to decline.
Ethereum's price has dropped below $3,800
Ethereum's price struggles to maintain above $3,880 and begins a new round of decline like Bitcoin. ETH gains bearish momentum below $3,800 and breaks below $3,680.
It even dropped below $3,600 and soared below $3,550. The low was formed at $3,543, and the current price is consolidating the losses. On the hourly chart of ETH/USD, a new connecting bearish trend line is also formed, with resistance at $3,800.
Ethereum's price is currently below $3,620 and the 100-hour simple moving average. On the upside, the price seems to face resistance near $3,670. It is close to the 23.6% Fibonacci retracement level of the downward trend from the high of $4,105 to the low of $3,537.
The first major resistance level is near $3,800, or the 50% Fibonacci retracement level of the downward trend from the high of $4,107 to the low of $3,837.
Currently, the main resistance level is forming around $3,880. If the resistance level of $3,880 is clearly broken, the price may drop towards the resistance level of $4,000. If the resistance level of $4,000 is broken, there may be more upward movement in the coming trading days. In this case, Ethereum may rise towards the resistance level of $4,150, or even $4,220.
Will ETH's losses be even greater?
If Ethereum fails to break through the resistance level of $3,680, it may continue to decline. The initial support level on the downside is near $3,550. The first major support level is near the $3,500 area.
Breaking below the support level of $3,500 may push the price towards the support level of $3,450. If the price drops further, it may fall towards the support level of $3,350 in the short term. The next key support level is at $3,220.
