Ethereum price extends its decline and breaks below the $3,450 area. ETH is now recovering some losses and may rise if it breaks above the $3,445 resistance level.
Ethereum starts a new round of decline below the $3,500 area.
Price is below $3,450 and the 100-hour simple moving average.
On the ETH/USD hourly chart, a bearish trendline has been broken, with resistance at $3,300 (data feed from Kraken).
If the resistance levels of $3,450 and $3,500 are broken, the currency pair may start to rise significantly.
Ethereum price remains above $3,200
Ethereum price struggles to begin a new upward movement above the $3,500 level and has expanded losses like Bitcoin. ETH is gaining bearish momentum below the $3,400 level and is trading below $3,320.
The price is now consolidating above the support levels of $3,220 and $3,200. A low is formed at $3,220, and the price is now consolidating losses. Break above the $3,250 level. The price has cleared the 61.8% Fibonacci retracement level from the swing high of $3,553 to the low of $3,220.
On the ETH/USD hourly chart, a connected bearish trendline has been broken, with resistance at $3,300. Ethereum price is now trading below $3,450 and the 100-hour simple moving average.
On the positive side, the price seems to face obstacles near $3,445. It is close to the 61.8% Fibonacci retracement level moving down from the swing high of $3,553 to the low of $3,220. The first major resistance is around $3,480.
Source: ETHUSD on TradingView.com
The major resistance level is now forming around $3,550. A clear break above the $3,550 resistance level could push the price towards the $3,650 resistance level. An upward break above the $3,650 resistance level may require more gains in the coming trading days. In that case, Ether could rise to the $3,720 resistance area or even $3,800.
Is ETH dropping again?
If Ethereum fails to clear the $3,445 resistance level, it may continue to decline. Initial support on the downside is around $3,300. The first major support is near the $3,220 area.
A clear drop below the $3,200 support level may push the price towards the $3,120 support level. Any further losses could bring the price close to the $3,050 support level in the short term. The next key support level is at $3,000.
Technical indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 area.
Major support level – $3,220
Major resistance level – $3,445
