Ethereum price rebounded to $3,850 before plummeting. ETH followed Bitcoin, but the bulls are currently active near the $3,350 support zone.
- Ethereum traded at a new multi-month high above $3,800 before crashing.
- 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 $3,620.
- A break above the $3,600 resistance area could resume the advance.
Ethereum price took a huge hit.
Ethereum price, like Bitcoin, continued its upward trend above the $3,650 level. BTC surged to a new all-time high above $69,000. ETH also cleared the $3,800 level before a downtrend emerged.
There was a strong bearish reaction at the $3,827 high. The price plunged more than $500 to trade towards the $3,200 support level. On the hourly chart of ETH/USD, a break has occurred below the main bullish trendline supporting $3,620.
The lowest point was made at $3,211 and the price is currently attempting a new rise. There was a move above the $3,500 level. The price crossed the 50% Fib retracement level moving down from the $3,827 swing high to the $3,211 low. Ethereum is currently trading near $3,500 and the 100-hour simple moving average.
Immediate upside resistance is near the $3,550 level. The first major resistance is near the $3,600 level or the 61.8% Fib retracement level for a downside move from the $3,827 swing high to the $3,211 low.
Source: ETHUSD on TradingView.com
The next major resistance level is near $3,680, above which the price could gain upward momentum. The next stop for the bulls could be near the $3,820 level. A move above the $3,820 resistance may cause Ethereum to rebound towards the $3,950 resistance. You may need to test $4,000 to get more profits.
Will there be more losses in ETH?
If Ethereum fails to clear the $3,600 resistance, another downward correction could begin. Initial support for the downside is near the $3,440 level.
The first major support is near the $3,400 area. The next major support could be the $3,340 zone. A clear move below the $3,340 support could lead the price towards $3,220. Any more losses could push the price down to the $3,120 level.
technical indicators
Hourly MACD – ETH/USD MACD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Key Support Level – $3,400
Key Resistance Level – $3,600
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