#ETH The price fell back and the market sentiment gradually turned bearish! ! !
The Ethereum price started to fluctuate above the $3,500 area. ETH outperformed Bitcoin,
On the hourly chart of ETH/USD, it broke out of the short-term ascending channel with support at $3,540. Ethereum is still below $3,550 and the 100 hourly simple moving average.
The bulls are currently active near the $3,485 support area and the 50% Fibonacci retracement level of the upward move from the $3,351 swing low to $3,620 high. On the upside, the price is likely to face resistance near $3,520. The first major resistance is near $3,560.
The main resistance is at $3,620 or $3,650. A break above the $3,650 resistance is likely to push the price higher. The next key resistance is at $3,720, above which the price is likely to move up to $3,750. If it rises further, Ether might drop to the $3,880 resistance in the coming days.
If Ethereum fails to clear the $3,560 resistance, it is likely to decline again. An initial support on the downside is near $3,485. The first major support is at $3,450.
A break below the $3,450 support is likely to push the price towards $3,420. If the price declines further, a drop to the $3,350 level is possible in the near term.
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 area.
Main support level - $3,450
Main resistance level - $3,560
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