The Ethereum price started a new decline below $3,550. ETH is struggling below $3,400 and could fall further if it stays below $3,500.
- Ethereum started a new bearish wave after failing to clear $3,650.
- The price is trading below $3,500 and the 100-hourly Simple Moving Average.
- A bearish trendline is forming with resistance at $3,450 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to fall if it trades below $3,200.
Ethereum price drops sharply
Ethereum price did not remain in a positive zone and started a new decline below $3,550, just like Bitcoin. ETH price fell below USD 3,500 and USD 3,450 to enter a bearish zone.
The decline accelerated below $3,350. Finally, the bulls emerged around $3,050. A low was formed at $3,058 and the price is now consolidating losses. There was a rebound above the 23.6% Fib retracement level from the recent decline from the $3,920 swing high to the $3,058 low.
The Ethereum price is now trading below $3,400 and the 100-hourly Simple Moving Average. If there is a decent upside, the price could face resistance near the USD 3,350 level. The next major resistance is near the $3,480 level and the 50% Fib retracement level of the recent decline from the $3,920 swing high to the $3,058 low. A bearish trendline is also forming with resistance at $3,450 on the hourly chart of ETH/USD.
The first major resistance is around the $3,500 level. A clear move above the USD 3,500 resistance could send the price towards the USD 3,550 resistance. An upside break above the $3,550 region could call for more gains in the coming days. In the mentioned case, Ether could rise towards the USD 3,750 or even USD 3,800 resistance zone in the short term.
Lose more in ETH?
If Ethereum fails to clear the USD 3,500 resistance, it could trigger another decline. The initial downside support is near the USD 3,250 level. The first major support is near the $3,200 zone.
A clear move below the USD 3,200 support could push the price towards the USD 3,120 support. Any further losses could send the price towards $3,050 in the near term. The next major support is at USD 3,020 and USD 3,000.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 zone.
Major support level – $3,200
Major resistance level – $3,500