Ethereum price struggled to overcome the resistance at $3,650. ETH has begun another decline and is now at risk of further declines below the support at $3,420.
- Ethereum has started a novel decline below the support zone at $3,550.
- The price is trading below $3,540 and the 100-hour plain moving average.
- A key bearish trend line is forming on the hourly chart of ETH/USD (data via Kraken) with resistance near $3,550.
- The pair could extend losses if it stays below the $3,550 resistance zone.
The Ethereum price fight continues
Ethereum price has not started a recovery wave above the $3,550 and $3,580 resistance levels, just like Bitcoin. ETH remained in a short-term decline zone and recorded losses below the $3,500 level.
The price fell below the support level at $3,450. The lowest level was $3,428 and the price is currently consolidating losses. There has been a slight enhance above the 23.6% Fib retracement level resulting from the recent drop from a high of $3,655 to a low of $3,428.
Ethereum is still trading below $3,550 and the 100-hour plain moving average. A key bearish trend line is also forming on the hourly chart of ETH/USD with resistance near $3,550. If a novel rally occurs, the price may face resistance near the $3,540 level and the 50% Fib retracement level of the recent decline from a high of $3,655 to a low of $3,428.
The first major resistance is located near the $3,550 level and the trend line. An upward break above the resistance at $3,550 could result in a price rally. The next key resistance is at $3,650, above which the price may gain strength and rise to $3,720.
A clear move above the $3,720 level could push Ether towards the $3,800 resistance level. Any further gains could push Ether towards the $3,880 resistance zone.
More flaws in ETH?
If Ethereum does not break the resistance at $3,550, it may continue to decline. Initial support on the downside is near $3,420.
A clear move below the support at $3,420 could push the price towards $3,350. Larger losses could push the price towards the $3,250 level in the near future.
Technical indicators
Hourly MACD – MACD for ETH/USD is losing momentum in the bear zone.
Hourly RSI – The RSI for ETH/USD is currently below the 50 zone.
Main support level – USD 3,420
Major resistance level – $3,550
