Ethereum price began a sharp decline below the $3,880 level. ETH is down more than 5% and is showing bearish signs below the $3,680 level.
- Ethereum began a new decline below the $3,800 level.
- The price is trading below $3,680 and the 100-hour simple moving average.
- There is a new connecting bearish trendline forming with resistance at $3,800 on the hourly chart of ETH/USD (data feed via Kraken).
- Failure to stay above the $3,550 support zone could lead the pair to continue falling.
Ethereum price plunges below $3,800
Ethereum price began a new Bitcoin-like decline, struggling to stay above the $3,880 level. ETH gained bearish momentum below the $3,800 level and fell below $3,680.
It even fell below $3,600 and surged below the $3,550 level. The low was formed at $3,543 and the price is currently consolidating losses. Additionally, on the hourly chart of ETH/USD, there is a new connecting bearish trendline forming resistance at $3,800.
Ethereum price is currently trading below $3,620 and the 100-hour simple moving average. On the other hand, the price appears to be facing a hurdle near the $3,670 level. This is close to the 23.6% Fib retracement level of the downward move from the $4,105 swing high to the $3,537 low.
The first major resistance is near the $3,800 level or the 50% Fib retracement level for a downside move from the $4,107 swing high to the $3,837 low.
Major resistance is currently forming near $3,880. A clear break above the $3,880 resistance could push the price towards the $4,000 resistance. An uptrend above the $4,000 resistance could lead to further gains in the coming sessions. If indicated, Ethereum could rise to the $4,150 resistance zone or even $4,220.
Will there be more losses in ETH?
If Ethereum fails to clear the $3,680 resistance, it may continue to fall. Initial support for the downside is near the $3,550 level. The first major support is near the $3,500 area.
A clear move below the $3,500 support could push the price towards the $3,450 support. More losses may push the price towards the $3,350 support level in the near term. The next major support level is $3,220.
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 – $3,550
Key Resistance Level – $3,680