Ethereum Price Decline:
Ethereumās correction movement, which started below the $3,350 region, paints a negative picture in the short term. Currently, the price is trading below $3,350 and the 100-hour Simple Moving Average.
Ethereumās price, like Bitcoin, has recently been trending below the $3,550 and $3,500 levels and continues to stay in the short-term downtrend zone. This situation led to a decline below the support level of $3,350, causing ETH to experience further drops.
Lastly, the price dropped below the $3,100 support level and saw lows such as $3,056. The price is currently consolidating these losses, but looking at the Fibonacci retracement levels, the downward trend still appears to be strong.
Resistance and Support Levels:
While Ethereumās price is trading below the $3,350 support level and the 100-hour Simple Moving Average, the immediate resistance is around $3,280. However, surpassing the significant resistance level of $3,350 seems quite challenging at the moment.
The critical $3,420 resistance level stands as the next major hurdle for Ethereum. A large descending trend line formed near this level on the hourly chart could limit the priceās upward movements.
In light of all this data, it can be said that Ethereum is going through a difficult period in the near term and the bears are holding control. The $3,000 support region is critical for ETH and is a level that should be closely monitored.
Upside Potential and Downward Trend:
If Ethereumās price can surpass the $3,550 resistance level, it could gain upward momentum. In this case, Ethereum could rise towards the $3,650 level.
If there is a move above the $3,650 resistance, Ethereum could experience a rapid rise towards the $3,800 resistance. Moreover, this upward trend could even prompt a test of the $4,000 level.
If Ethereum cannot surpass the $3,420 resistance, the downward movement may continue. In this case, the first support level will be around $3,050. Further losses could push the price towards the $3,000 region. And if this support is broken, a support level of $2,950š» is expected.