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Ethereum price started declining again after the USD 3,550 resistance. ETH is now showing bearish signs and could dip below the USD 3,300 level.
- Ethereum started a new decline from the $3,550 zone.
- The price is trading below $3,450 and the 100-hourly Simple Moving Average.
- There was a break below a connecting bullish trendline with support at $3,450 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bearish momentum if it falls below the $3,300 level.
Ethereum price drops in support
Ethereum price struggled to hold higher above the USD 3,550 resistance and started a new decline just like Bitcoin. ETH traded below the USD 3,450 and USD 3,420 support levels.
There was a break below a connecting bullish trendline with support at $3,450 on the hourly chart of ETH/USD. The pair even fell below the 50% Fib retracement level of the upward wave from the $3,225 swing low to the $3,543 high.
Ethereum price is now trading below $3,450 and the 100-hourly Simple Moving Average. It is now testing the $3,300 support and is above the 76.4% Fib retracement level of the upwave from the $3,225 swing low to the $3,543 high.
On the upside, the price seems to be facing hurdles around the USD 3,380 level. The first major resistance is around the $3,420 level. The main resistance is now forming around $3,500. A clear move above the USD 3,500 resistance could send the price towards the USD 3,550 resistance.
An upside break above the USD 3,550 resistance could call for more gains in the coming sessions. In the mentioned case, Ether could rise towards the USD 3,650 or even USD 3,720 resistance zone in the short term.
Lose more in ETH?
If Ethereum fails to clear the USD 3,420 resistance, it could continue to decline. The initial downside support is near the $3,320 level. The first major support is around $3,300.
A clear move below the USD 3,300 support could push the price towards the USD 3,250 support. Any further losses could send the price towards the USD 3,220 support level in the near term. The next major support is at $3,110.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 zone.
Major support level – $3,300
Major resistance level – $3,420