🔥🔥🔥 Ethereum Price Trims Gains as #bitcoin☀️ Slump Drags Crypto Market
Current Situation
Ethereum encountered resistance near $3,550 and subsequently declined below $3,500, testing support around $3,385. It is currently consolidating losses.
Technical Details
Ethereum is trading below $3,500 and the 100-hourly Simple Moving Average (SMA).A bearish trend line is forming with resistance near $3,465 on the hourly chart (ETH/USD).The price is consolidating near the 23.6% Fibonacci retracement level of the decline from $3,543 to $3,388.
Key Levels and Scenarios
- Resistance: Immediate hurdles are near $3,430 and $3,465. Significant resistance lies at $3,520 and $3,550. A clear break above $3,550 could trigger a rally towards $3,650 or even $3,720.
- Support: Initial support is at $3,385, followed by a crucial zone around $3,350. Further downside could target $3,220 and potentially $3,100 if selling pressure intensifies.
Technical Indicators
- MACD: The hourly MACD is in the bearish zone, indicating increased selling momentum.
- RSI: The hourly RSI is below 50, suggesting a bearish bias in the short term.
Conclusion
Ethereum faces resistance near $3,465, with downside risk if it fails to break higher. Support levels to watch include $3,385 and $3,350, while a break above $3,550 is crucial for renewed bullish momentum towards higher targets.
Source - newsbtc.com
