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Ethereum price failed to clear the $3,450 resistance and extended losses. ETH is struggling and could continue falling if it stays below $3,500.
- Ethereum began a new downtrend in the $3,450 range.
- The price is trading below $3,400 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) has a bearish trend line connected to the resistance at $3,340.
- The pair may struggle to initiate a new rally above the $3,400 resistance.
Ethereum price expansion loss
Ethereum price failed to begin a recovery above the $3,500 level and, like Bitcoin, losses widened. ETH fell below the $3,450 and $3,400 support levels.
There was a clear move below $3,350 and $3,320. A low was formed at $3,213 and the price is currently consolidating below the 23.6% Fib retracement level from the $3,743 swing high to the $3,213 low. Additionally, the hourly chart of ETH/USD has a bearish trend line forming with resistance at $3,340.
Ethereum price is currently trading below $3,400 and the 100-hour simple moving average. On the other hand, the price appears to be facing a hurdle near the $3,350 level and trend line.
The first major resistance is near the $3,475 level or the 50% Fib retracement level of the recent decline from the $3,743 swing high to the $3,213 low. Major resistance is currently forming near $3,500. A clear break above the $3,500 resistance level could push the price towards the $3,550 resistance level.
An uptick above the $3,550 resistance could lead to further gains in the coming sessions. If indicated, Ethereum could rise to the $3,650 resistance zone or $3,720 in the near term.
Will there be more losses in ETH?
If Ethereum fails to clear the $3,400 resistance, it could begin another downtrend. Initial support for the downside is near the $3,280 level. The first major support is near $3,220.
A clear decline below the $3,220 support could push the price towards the $3,150 support. More losses may push the price towards the $3,050 support level in the near term. The next major support is $3,000.
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 area.
Key Support Level – $3,250
Key Resistance Level – $3,400