Ethereum’s attempt to break the $3,750 resistance was unsuccessful, resulting in a downturn to $3,350 with uncertain chances of a rebound.
- Ethereum started a new descent from the $3,750 mark.
- The current price is below $3,550 and the 100-hourly Simple Moving Average.
- A bullish trend line support at $3,675 was breached on the hourly ETH/USD chart (data feed via Kraken).
- Overcoming the $3,450 resistance level might prove challenging for the pair.
Ethereum Price Declines by over 8%
Despite staying above $3,650, Ethereum witnessed an uptrend similar to Bitcoin. ETH surged past the $3,680 and $3,700 resistance levels.
Nevertheless, the bulls faltered at the $3,750 hurdle. The price peaked at $3,742 before sliding downwards. It dropped below both $3,650 and $3,550 levels, breaking the bullish trend line with support at $3,675.
After hitting a low of $3,356, the price is now consolidating under the 23.6% Fib retracement level from the recent $3,742 high to $3,356 low.
Ethereum is currently trading under $3,550 and the 100-hourly Simple Moving Average. The $3,450 level seems to be a hindrance on the upside, with initial resistance at $3,500 and major resistance forming around $3,550.
A breakthrough above $3,550 could propel the price towards the $3,650 resistance, potentially triggering additional gains. In a bullish scenario, Ethereum could target the $3,750 zone or even $3,880 in the short term.
Potential Downward Movement in ETH?
If Ethereum fails to surpass the $3,450 resistance, it might experience further decline. Initial support is at $3,350, followed by a significant support at $3,320.
A clear drop below $3,320 could lead to a test of the $3,250 support. Subsequent losses may drive the price towards the $3,150 support level shortly, with a critical support at $3,120.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is showing bearish momentum.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $3,350
Major Resistance Level – $3,450
