More losses for ETH?
If Ethereum fails to clear the resistance at $3,650, it may continue to decline. The initial support level on the downside is around $3,350. The first major support level is near the $3,320 area.
A clear break below the support level of $3,320 could push the price towards the support level of $3,250. Any further losses could bring the price close to the support level of $3,150 in the short term. The next key support level is at $3,050.
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.
Major Support Level – $3,320
Major Resistance Level – $3,650
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