Ethereum price struggled to climb above the USD 3,550 resistance and pared gains. ETH gained bearish momentum alongside Bitcoin and tested the $3,385 zone.
- Ethereum pares gains from the $3,550 resistance zone.
- The price is trading below $3,500 and the 100-hourly Simple Moving Average.
- A major bearish trendline is forming with resistance near $3,465 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bearish momentum if it falls below the USD 3,385 and USD 3,350 support levels.
Ethereum price continues to fall
Ethereum price struggled to start a new increase above the $3,550 zone. ETH followed Bitcoin’s bearish path and its price fell below the USD 3,500 level. The bears pushed the price below the USD 3,420 support zone.
A low was formed at $3,388 and the price is now consolidating losses. It is struggling near the 23.6% Fib retracement level of the recent decline from the $3,543 swing high to the $3,388 low. There is also a major bearish trendline forming with resistance near $3,465 on the hourly chart of ETH/USD.
Ethereum is now trading below $3,500 and the 100-hourly Simple Moving Average. On the upside, the price could encounter resistance near the USD 3,430 level. The first major resistance is near the $3,465 level and the trendline.
The trendline is close to the 50% Fib retracement level of the recent decline from the $3,543 swing high to the $3,388 low. The main resistance is at $3,520 or $3,550. An upside break above the USD 3,550 resistance could push the price higher. The next major resistance is at USD 3,650, above which the price could gain strength and rise towards the USD 3,720 level. Any further gains could send Ether towards the USD 3,880 resistance zone in the coming days.
More disadvantages of ETH?
If Ethereum fails to clear the USD 3,465 resistance, it could trigger another decline. The initial downside support is near USD 3,385. The first major support is near the $3,350 zone.
A clear move below the USD 3,350 support could push the price towards USD 3,220. Any further losses could send the price towards the USD 3,100 level in the near term.
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 – $3,465