Ethereum price struggled to break above the $3,650 resistance level and its gains declined. ETH is now signaling a downward breakout and could fall below $3,450.
- Ethereum is cutting gains at the $3,620 resistance zone.
- The price is trading below $3,550 and the 100-hour simple moving average.
- On the hourly chart of ETH/USD (data feed via Kraken), a break occurred below a short-term rising channel forming with support at $3,540.
- A break below the $3,485 and $3,450 support levels could gain downward momentum.
Ethereum price adjustment profit
Ethereum price is starting to rise quite a bit, above $3,500. ETH outperformed Bitcoin and broke the $3,550 resistance level. However, the price had difficulty breaking the $3,620 mark and failed the $3,650 test.
A high was formed at $3,620 and the price is currently taking profits. There was a slight decline below the $3,550 level. The price fell below the 23.6% Fib retracement level, rising from the $3,351 swing low to the $3,620 high.
On the hourly chart of ETH/USD, a break has occurred below the short-term ascending channel with support at $3,540. Ethereum is still trading below $3,550 and the 100-hour simple moving average.
The bullish trend is currently active near the $3,485 support area and the 50% Fib retracement rising from the $3,351 swing low to the $3,620 high. On the other hand, the price may face resistance near $3,520. The first major resistance is near the $3,560 level.
Key resistance levels are $3,620 or $3,650. An upside reversal above the $3,650 resistance could push the price higher. The next major resistance level is $3,720, above which the price may gain traction and advance towards the $3,750 level. More gains ahead could lead Ether towards the $3,880 resistance zone.
Are there more downsides to ETH?
If Ethereum fails to clear the $3,560 resistance, it could begin another downtrend. Initial support on the downside is near $3,485. The first major support is at $3,450.
A clear break below the $3,450 support could push the price towards $3,420. More losses could push the price towards the $3,350 level in the near term.
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 – $3,450
Key Resistance Level – $3,560