Ethereum price started a sharp decline below the $3,880 zone. ETH is down more than 5% and is showing bearish signs below the USD 3,680 level.
- Ethereum started a new decline below the $3,800 zone.
- The price is trading below $3,680 and the 100-hourly Simple Moving Average.
- A new connecting bearish trendline is forming with resistance at $3,800 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 dips below $3,800
The price of Ethereum struggled to stay above the USD 3,880 level and, like Bitcoin, started a new decline. ETH gained bearish momentum below the USD 3,800 level and plunged below USD 3,680.
It even dipped below USD 3,600 and peaked below the USD 3,550 level. A low was formed at $3,543 and the price is now consolidating losses. A new connecting bearish trendline is also forming with resistance at $3,800 on the hourly chart of ETH/USD.
Ethereum price is now trading below $3,620 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles around the USD 3,670 level. It is close to the 23.6% Fib retracement level of the downward move from the $4,105 swing high to the $3,537 low.
The first major resistance is near the $3,800 level or the 50% Fib retracement level of the downward move from the $4,107 swing high to the $3,837 low.
The main resistance is now forming around $3,880. A clear move above the USD 3,880 resistance could send the price towards the USD 4,000 resistance. An upside break above the USD 4,000 resistance could fuel more gains in the coming sessions. In the mentioned case, Ether could rise towards the USD 4,150 or even USD 4,220 resistance zone.
Lose more in ETH?
If Ethereum fails to clear the USD 3,680 resistance, it could continue falling. The initial downside support is near the USD 3,550 level. The first major support is near the $3,500 zone.
A clear move below the USD 3,500 support could push the price towards the USD 3,450 support. Any further losses could send the price towards the USD 3,350 support level in the near term. The next major support is at $3,220.
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 – $3,550
Major resistance level – $3,680
