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The Ethereum price extended losses and fell below the $3,550 zone. ETH is showing bearish signs and could fall further below the USD 3,150 level.
- Ethereum started a new decline below the $3,550 zone.
- The price is trading below $3,500 and the 100-hourly Simple Moving Average.
- A major bearish trendline is forming with resistance at $3,420 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to decline if it fails to hold above the $3,550 support zone.
Ethereum price falls below USD 3,550
Ethereum price struggled to initiate a fresh surge above the USD 3,550 level and extended losses much like Bitcoin. ETH gained bearish momentum below the USD 3,450 level and traded below USD 3,300.
It even dipped below USD 3,220 and peaked below the USD 3,120 level. A low was formed at $3,100 and the price is now consolidating losses. There was a close below the 50% Fib retracement level of the recovery wave from the $3,100 swing low to the $3,553 high.
The Ethereum price is now trading below $3,500 and the 100-hourly Simple Moving Average. There is also a major bearish trendline forming with resistance at $3,420 on the hourly chart of ETH/USD.
The pair is now testing the 76.4% Fib retracement level of the recovery wave from the $3,100 swing low to the $3,553 high. On the upside, the price seems to be facing hurdles around the USD 3,350 level. The first major resistance is around the $3,400 level.
The main resistance is now forming around $3,420. A clear move above the USD 3,420 resistance could send the price towards the USD 3,500 resistance. An upside break above the USD 3,500 resistance could fuel more gains in the coming sessions. In the mentioned case, Ether could rise towards the USD 3,550 or even USD 3,650 resistance zone.
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 USD 3,200 level. The first major support is near the $3,120 zone.
A clear move below the USD 3,120 support could push the price towards the USD 3,050 support. Any further losses could send the price towards the USD 3,000 support level in the near term. The next major support is at $2,880.
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 – $3,120
Major resistance level – $3,420
