Ethereum price started a new decline at $3,480. ETH is struggling to recover and is now at risk of another decline below $3,250.
- Ethereum started a new bearish wave after falling below $3,450.
- The price is trading below $3,400 and the 100-hourly Simple Moving Average.
- A new bearish trendline is forming with resistance at $3,380 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to decline if it trades below $3,250.
Ethereum price drops again
Ethereum price did not remain in a positive zone and started a new decline from $3,480, just like Bitcoin. ETH price fell below USD 3,420 and USD 3,400.
It appears that the bears were defending the 50% Fib retracement level of the downward move from the $3,920 swing high to the $3,058 low. A new bearish trendline is also forming with resistance at $3,380 on the hourly chart of ETH/USD.
Ethereum price is now trading below $3,350 and the 100-hourly Simple Moving Average. If another recovery wave comes, the price may encounter resistance near the USD 3,350 level. The next major resistance is near the $3,380 level and trendline.
The first major resistance is around the $3,480 level. A clear move above the $3,480 resistance could send the price towards the $3,580 resistance and the 61.8% Fib retracement level of the downward move from the $3,920 swing high to the $3,058 low.
An upside break above the $3,580 region could call for more gains in the coming days. In the mentioned case, Ether could rise towards the USD 3,650 or even USD 3,675 resistance zone in the short term.
Another drop in ETH?
If Ethereum fails to clear the USD 3,380 resistance, it could trigger another decline. The initial downside support is near the USD 3,250 level. The first major support is near the $3,220 zone.
A clear move below the USD 3,220 support could push the price towards the USD 3,150 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 gaining strength in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 zone.
Major support level – $3,250
Major resistance level – $3,380