# Ethereum Price Decline: Market Pressure Fuels Gradual Drop
Ethereum's recent effort to break past the $3,650 resistance level fell short, leading to a decline below $3,550 and signaling ongoing bearish trends. The price dipped beneath the critical $3,550 support and the 100-hour Simple Moving Average.
The ETH/USD hourly chart on Kraken reveals a significant bearish trend line near the $3,650 level, highlighting strong resistance. Inability to maintain a position above this resistance may result in continued losses.
Although Ethereum briefly exceeded the 23.6% Fibonacci retracement level, further gains are likely to encounter resistance around $3,550. The $3,570 mark poses a significant challenge, closely aligned with the 50% Fibonacci retracement level and the bearish trend line near $3,650.
If Ethereum manages to break above $3,650, it could face resistance at $3,720 and $3,820, with the potential to test the $4,000 zone. However, failure to surpass $3,550 might lead to further declines, with initial support at $3,475 and a more substantial support zone near $3,430.
Technical indicators, such as the hourly MACD and RSI, suggest weakening momentum within the bearish territory. In summary, Ethereum's inability to overcome key resistance levels indicates sustained bearish pressures, potentially leading to further declines unless critical support levels are regained.
Source - newsbtc.com
