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Ethereum price began a new decline from the $3,550 resistance level. ETH is currently showing bearish signs and could fall below the $3,300 level.
- Ethereum began a new downtrend in the $3,550 range.
- The price is trading below $3,450 and the 100-hour simple moving average.
- On the hourly chart of ETH/USD (data feed via Kraken), a break has occurred below the connecting bullish trendline with support at $3,450.
- A break below the $3,300 level could pick up bearish momentum.
Support for Ethereum price decline
Ethereum price struggled to continue rising above the $3,550 resistance and, like Bitcoin, began a new downtrend. ETH was trading below the $3,450 and $3,420 support levels.
On the hourly chart of ETH/USD, a break occurred below the connecting bullish trendline supporting $3,450. The pair fell below the 50% Fib retracement level of the bullish wave from the $3,225 swing low to the $3,543 high.
Ethereum price is currently trading below $3,450 and the 100-hour simple moving average. It is currently testing the $3,300 support level and is above the 76.4% Fib retracement level of the bullish wave from the $3,225 swing low to the $3,543 high.
On the other hand, the price appears to be facing a hurdle near the $3,380 level. The first major resistance is near the $3,420 level. 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 $3,420 resistance, it may continue to fall. Initial support for the downside is near the $3,320 level. The first major support is near $3,300.
A clear move below the $3,300 support could push the price towards the $3,250 support. More losses could push the price towards the $3,220 support level in the near term. The next major support level is $3,110.
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 – $3,300
Key Resistance Level – $3,420