Ethereum price continued its downward trend below $3,500. ETH is showing some signs of weakness and could fall towards the $3,200 support area.
- Ethereum began a downward correction below the $3,550 area.
- The price is trading below $3,550 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 $3,520.
- A stay below the $3,520 and $3,550 resistance levels could resume the decline.
Ethereum price discount support
Ethereum price, like Bitcoin, began a downward correction below the $3,720 and $3,650 levels. ETH fell below the $3,550 support level to move further out of near-term bearish territory.
Finally, the price was trading below the $3,420 support level. The low was formed at $3,365 and the price is currently consolidating losses. There are several bearish signs below the 23.6% Fib retracement level moving down from the $3,675 swing high to the $3,365 low.
Ethereum price is currently trading below $3,550 and the 100-hour simple moving average. On the other hand, immediate resistance is close to the $3,440 level. The first major resistance is near the $3,520 level. Additionally, on the hourly chart of ETH/USD, there is a major bearish trendline with resistance forming at $3,520.
The trend line is close to the 50% Fib retracement level moving down from the $3,675 swing high to the $3,365 low. The next major resistance level is near $3,600, above which the price could gain upward momentum.
Source: ETHUSD on TradingView.com
If specified, Ethereum could rise to the $3,650 level. If there is a move above the $3,650 resistance level, Ethereum may rise to the $3,825 resistance level. You may need to test $4,000 to get more profits.
Are there any more disadvantages of ETH?
If Ethereum fails to clear the $3,520 resistance, it may continue to fall. Initial support for the downside is near the $3,365 level.
The first major support is near the $3,320 area. The next major support could be the $3,250 zone. A clear move below the $3,250 support could lead the price towards $3,200. Any more losses could push the price down to the $3,150 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 – $3,365
Key Resistance Level – $3,520
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Source: NewsBTC.com