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Ethereum price failed to clear the USD 3,750 resistance and pared gains. ETH is back to $3,350 and could struggle to make another move higher.
- Ethereum started a new decline from the $3,750 zone.
- The price is trading below $3,550 and the 100-hourly Simple Moving Average.
- There was a break below a connecting bullish trendline with support at $3,675 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could struggle to start a new rise above the USD 3,450 resistance level.
Ethereum Price Drops More Than 8%
Ethereum price remained stable above the USD 3,650 level and continued its upward movement, just like Bitcoin. ETH gained pace and rose above the USD 3,680 and USD 3,700 resistance levels.
However, the bulls failed to push the price above the USD 3,750 resistance. A high was reached at $3,742 and the price started falling again. There was a clear move below USD 3,650 and USD 3,550. There was also a break below a connecting bullish trendline with support at $3,675 on the hourly chart of ETH/USD.
A low was formed at $3,356 and the price is now consolidating below the 23.6% Fib retracement level of the recent decline from the swing high of $3,742 to the low of $3,356.
Ethereum price is now trading below $3,550 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles around the USD 3,450 level. The first major resistance is around the $3,500 level. Key resistance is now forming near $3,550 or the 50% Fib retracement level of the recent decline from the $3,742 swing high to the $3,356 low.
A clear move above the USD 3,550 resistance could send the price towards the USD 3,650 resistance. An upside break above the USD 3,650 resistance could call for more gains in the coming sessions. In the mentioned case, Ether could rise towards the USD 3,750 or even USD 3,880 resistance zone in the short term.
Lose more in ETH?
If Ethereum fails to clear the USD 3,450 resistance, it could trigger another decline. The initial downside support is near the USD 3,350 level. The first major support is around $3,320.
A clear move below the USD 3,320 support could push the price towards the USD 3,250 support. Any further losses could send the price towards the USD 3,150 support level in the near term. The next major support is at $3,120.
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 – $3,350
Major resistance level – $3,450
