Ethereum

Market indicators point to more declines

Published

5 months ago

on

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 as 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-hour 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 3.00 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.

Source: ETHUSD on TradingView.com

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

Source

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