Ethereum Price Drops Again: Gaining Momentum?

Ethereum fell again from $3,550. ETH is negative and may go below $3,300.

Ethereum fell again from $3,550.

The price is below $3,450 and the 100-hour SMA.

ETH/USD's hourly chart broke below a positive trend line with support at $3,450.

A break below $3,300 might boost negative momentum.
Ethereum Drops For Support

Ethereum price fell like Bitcoin after failing to break $3,550. ETH traded below $3,450 and $3,420.

On the hourly ETH/USD chart, a bullish trend line with support around $3,450 broke. The pair even fell below the 50% Fib retracement line of the bullish wave from $3,225 swing low to $3,543 high.

Ethereum has fallen below $3,450 and the 100-hour SMA. It is targeting $3,300 support and above the 76.4% Fib retracement line of the rising wave from $3,225 swing low to $3,543 high.

The price may face resistance at $3,380 on the upside. Near $3,420 is the first substantial resistance. Main resistance is near $3,500. A clean break over $3,500 might push the price above $3,550.

Above $3,550 barrier might lead to greater advances in the following sessions. Ether might grow to $3,650 or $3,720 in the short future.

More ETH losses?
Ethereum may fall if it fails to break $3,420. Around $3,320 is first downside support. Major support begins at $3,300.

A decisive break below $3,300 might bring the market near $3,250. If losses continue, the price may reach $3,220 support. Next important support is $3,110.

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