Ethereum has faced resistance at the $3,450 mark, resulting in continued losses. Should the cryptocurrency remain below $3,500, further downward movement is likely.
Starting from the $3,450 range, Ethereum has entered a fresh decline.
The current price is below $3,400 and the 100-hourly Simple Moving Average.
On the hourly chart of ETH/USD (data feed via Kraken), a bearish trend line is emerging with resistance at $3,340.
Breaking above the $3,400 resistance level may prove challenging for the pair.
Ethereum Price Continues to Decline
Despite attempts to recover above $3,500, Ethereum has struggled and faced losses similar to Bitcoin. The cryptocurrency dropped below both $3,450 and $3,400 levels.
The decline led to price levels below $3,350 and then $3,320, establishing a low at $3,213. Currently, Ethereum is consolidating below the 23.6% Fib retracement level, with resistance at $3,340 indicated by a bearish trend line on the hourly chart of ETH/USD.
Trading under $3,400 and the 100-hourly Simple Moving Average, Ethereum faces hurdles near $3,350 and the established trend line.
The primary resistance lies near $3,475 or the 50% Fib retracement level, with the main resistance forming at $3,500. A successful breach of the $3,500 resistance could propel the price towards $3,550.
A breakthrough above $3,550 could indicate further gains ahead, potentially pushing Ether towards $3,650 or even $3,720.
Possible Further Losses for Ethereum
If Ethereum struggles to surpass the $3,400 resistance, another decline may ensue. Initial support rests at approximately $3,280, with a significant support level at $3,220.
A decline below $3,220 may lead to a drop towards the $3,150 support level. Further losses could direct the price towards $3,050 in the short term, with a crucial support level at $3,000.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is trending bearish.
Hourly RSI – The RSI for ETH/USD has fallen below the 50 mark.
Major Support Level – $3,250
Major Resistance Level – $3,400
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