Ethereum price failed to continue rising above the $3,725 resistance zone. ETH has pared its gains and is now consolidating near the $3,475 support.
- Ethereum failed to rise above the $3,725 resistance level.
- The price is trading near $3,500 and the 100-hour simple moving average.
- On the hourly chart of ETH/USD (data feed via Kraken), a break has occurred below a key bullish trendline with support at $3,510.
- If it stays above the $3,420 support zone, it could start a new rally.
Ethereum price rejected
Ethereum price began a significant rise above the $3,550 resistance level. ETH also passed the $3,650 resistance zone, but the downtrend became active near $3,725. A high was made at $3,726 and the price began a new downward trend, like Bitcoin.
It moved below the $3,600 and $3,550 levels. On the hourly chart of ETH/USD, a break has occurred below the main bullish trendline supporting $3,510. The pair surged below the 50% Fib retracement level, rising from the $3,224 swing low to the $3,726 low.
Ethereum is currently trading near $3,500 and the 100-hour simple moving average. Immediate resistance is near the $3,520 level. The first major resistance is near the $3,560 level. The next major resistance level is $3,610, above which the $3,650 level could be tested.
Source: ETHUSD on TradingView.com
The main resistance level is currently near $3,725, above which Ethereum could see some strength. If specified, prices could rise into the $3,800 range. If there is a move above the $3,800 resistance, Ethereum may rise to the $4,000 resistance.
Will there be more losses in ETH?
If Ethereum fails to clear the $3,610 resistance, it may continue to fall. Initial support for the downside is near the $3,475 level.
The first major support is near the $3,420 zone or the 61.8% Fib retracement level of the rise from the $3,224 swing low to the $3,726 low. The next major support could be the $3,340 zone. A clear move below the $3,340 support could lead the price towards $3,240. Any more losses could push the price down to the $3,120 level.
technical indicators
Hourly MACD – ETH/USD MACD is gaining momentum in bearish territory.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Key Support Level – $3,420
Key Resistance Level – $3,610
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