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Ethereum price extended losses and fell below the $3,680 zone. ETH is down more than 7% and is showing bearish signs below the USD 3,550 level.
- Ethereum started a new decline below the $3,680 zone.
- The price is trading below $3,550 and the 100-hourly Simple Moving Average.
- A major bearish trendline is forming with resistance at $3,650 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to decline if it fails to hold above the $3,650 support zone.
Ethereum price falls below USD 3,650
Ethereum price struggled to initiate a fresh rise above the USD 3,680 level and extended losses much like Bitcoin. ETH gained bearish momentum below the USD 3,650 level and plunged below USD 3,600.
It even dipped below USD 3,550 and peaked below the USD 3,420 level. A low was formed at $3,324 and the price is now consolidating losses. There is also a major bearish trendline forming with resistance at $3,650 on the hourly chart of ETH/USD.
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 3,510 level. It is close to the 23.6% Fib retracement level of the downward move from the $4,105 swing high to the $3,324 low.
The first major resistance is around the $3,650 level. There is also a major bearish trendline forming with resistance at $3,650 on the hourly chart of ETH/USD.
Key resistance is now forming near $3,715 or the 50% Fib retracement level of the downward move from the $4,105 swing high to the $3,324 low. A clear move above the USD 3,715 resistance could send the price towards the USD 3,800 resistance. An upside break above the USD 3,800 resistance could call for more gains in the coming sessions. In the mentioned case, Ether could rise towards the USD 3,880 or even USD 4,000 resistance zone.
Lose more in ETH?
If Ethereum fails to clear the USD 3,650 resistance, it could continue falling. The initial downside support is near the USD 3,350 level. The first major support is near the $3,320 zone.
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 $3,050.
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 – $3,320
Major resistance level – $3,650
