Ethereum price began a downward correction below $3,650. ETH has been trading below $3,500 and is currently showing significant near-term recovery.
- Ethereum began a downward correction below the $3,700 area.
- The price is trading below $3,700 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a major bearish trendline forming at resistance $3,660.
- A break above the $3,750 resistance area could resume the advance.
Ethereum price falls
Ethereum price, like Bitcoin, began a downward correction below the $3,800 and $3,700 levels. ETH fell below the $3,650 support level and entered near-term bearish territory.
It even surged below the $3,500 support level. The lowest point was made at $3,414 and the price is currently recovering. There was a move above the $3,500 level. Ethereum moved down from the $4,084 swing high to the $3,414 low, crossing the 23.6% Fib retracement level.
Ethereum price is currently trading below $3,700 and the 100-hour simple moving average. On the other hand, immediate resistance is close to the $3,650 level. Additionally, on the hourly chart of ETH/USD, there is a major bearish trendline forming resistance at $3,660.
The first major resistance is near the $3,750 level or the 50% Fib retracement level for a downside move from the $4,084 swing high to the $3,414 low. The next major resistance level is near $3,830, above which the price could gain upward momentum.
Source: ETHUSD on TradingView.com
If specified, Ethereum could rise to the $3,925 level. Any move above the $3,925 resistance level could push Ethereum towards the $4,000 resistance level. A test of $4,080 may be needed for further gains.
Will there be more losses in ETH?
If Ethereum fails to clear the $3,650 resistance, a new downtrend could begin. Initial support for the downside is near the $3,520 level.
The first major support is near the $3,500 area. The next major support could be the $3,420 zone. A clear move below the $3,420 support could lead the price towards $3,350. Any more losses could push the price down to the $3,250 level.
technical indicators
Hourly MACD – ETH/USD MACD is losing momentum in bearish territory.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Key Support Level – $3,500
Key Resistance Level – $3,650
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