Ethereum
Market indicators point to more declines — TradingView News
Ethereum price struggled to break above the $3,650 resistance. ETH has started a fresh decline and there is now further downside risk below the $3,420 support.
- Ethereum started a fresh decline below the $3,550 support zone.
- The price is trading below $3,540 and the 100 hourly simple moving average.
- A crucial downtrend line is forming with resistance near $3,550 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could extend its losses if it stays below the $3,550 resistance zone.
Ethereum Price Fight Continues
Ethereum price failed to trigger a recovery wave above the $3,550 and $3,580 resistance levels, like Bitcoin. ETH remained in a short-term bearish zone and extended its losses below the $3,500 level.
The price fell below the $3,450 support level. A low formed at $3,428 and the price is now consolidating its losses. There was a slight increase above the 23.6% Fibonacci retracement level during the recent decline from the $3,655 high to $3,428 low.
Ethereum is still trading below $3,550 and the 100 hourly simple moving average. There is also a crucial downtrend line forming with resistance near $3,550 on the ETH/USD hourly chart. If there is any further upside, the price could face resistance near the $3,540 level and the 50% Fibonacci retracement level of the recent decline from the $3,655 high to 3.055 low. $428.
The first major resistance lies near the $3,550 level and the trendline. An upside break above the $3,550 resistance could send the price higher. The next key resistance lies at $3,650, above which the price could gain ground and reach the $3,720 level.
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A sharp move above the $3,720 level could send Ether towards the $3,800 resistance. Any further gains could send Ether towards the $3,880 resistance zone.
More disadvantages in ETH?
If Ethereum fails to breach the $3,550 resistance, it could continue to decline. Initial downside support is near $3,420.
A sharp move below the $3,420 support could push the price towards $3,350. Any further losses could push the price towards the $3,250 level in the near term.
Technical indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $3,420
Major Resistance Level – $3,550