Ethereum price began a new downward trend below $3,550. ETH is struggling below $3,400 and could fall further if it stays below $3,500.
- Ethereum began another downward trend after failing to clear $3,650.
- The price is trading below $3,500 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a bearish trendline forming at resistance $3,450.
- The pair could continue to fall if it trades below $3,200.
Ethereum price plummets
Ethereum price failed to remain in positive territory and, like Bitcoin, began a new downward trend below $3,550. ETH price fell below $3,500 and $3,450 and entered a bearish zone.
The decline extended below $3,350. Finally, the bull appeared near $3,050. The low was formed at $3,058 and the price is currently consolidating losses. There was a recent recovery wave above the 23.6% Fib retracement level from the $3,920 swing high to the $3,058 low.
Ethereum price is currently trading below $3,400 and the 100-hour simple moving average. If there is a significant upside, the price may face resistance near the $3,350 level. The next major resistance is near the $3,480 level and the 50% Fib retracement level of the recent decline from the $3,920 swing high to the $3,058 low. Additionally, on the hourly chart of ETH/USD, there is a bearish trend line with resistance forming at $3,450.
The first major resistance is near the $3,500 level. A clear break above the $3,500 resistance may cause the price to move towards the $3,550 resistance. An uptick above the $3,550 area could lead to further gains in the coming days. If indicated, Ethereum could rise to the $3,750 resistance zone or $3,800 in the near term.
Will there be more losses in ETH?
If Ethereum fails to clear the $3,500 resistance, it could begin a new downtrend. Initial support for the downside is near the $3,250 level. The first major support is near the $3,200 area.
A clear move below the $3,200 support could push the price towards the $3,120 support. More losses could push the price towards the $3,050 region in the near term. The next major support levels are $3,020 and $3,000.
technical indicators
Hourly MACD – ETH/USD MACD is losing momentum in bearish territory.
RSI per hour – The RSI for ETH/USD is now below the 50 area.
Key Support Level – $3,200
Key Resistance Level – $3,500