Is the Decline Gaining Momentum?
Ethereum price started a fresh decline from the $3,550 resistance level. ETH is currently showing bearish signs and could fall below the $3,300 level.
- Ethereum started a fresh decline from the $3,550 area.
- The price is trading below $3,450 and the 100 hourly simple moving average.
- Support is seen at $3,450 on the hourly chart of ETH/USD, falling below the connecting bullish trend line (data feed from Kraken).
- If the pair falls below $3,300, it may gain bearish momentum.
Ethereum price falls to support
Ethereum price struggles to continue higher $3,550 Resistance and start a new descent Bitcoin. ETH is trading below the $3,450 and $3,420 support levels.
There was a break above the connecting bullish trend line with support at $3,450 on the hourly chart of ETH/USD. The pair even fell below the 50% Fib retracement level of the upward wave from the $3,225 swing low to $3,543 high.
Ethereum price is currently trading below $3,450 and the 100 hourly simple moving average. It is currently testing support at $3,300 and above the 76.4% Fib retracement of the upward wave from the $3,225 swing low to $3,543 high.
On the bright side, the price seems to be facing a hurdle near the $3,380 level. The first major resistance level is near $3,420. Major resistance is currently forming near $3,500. A clear break above the $3,500 resistance may push the price towards the $3,550 resistance.
An upside break above the $3,550 resistance may bring more gains in the coming sessions. In the above scenario, Ethereum may rise towards the $3,650 resistance zone or even $3,720 in the short term.
ETH loses more?
If Ethereum fails to break the $3,420 resistance, it may continue to fall. Initial support on the downside is near $3,320. The first major support is located near $3,300.
A clear break below the $3,300 support could push the price towards the $3,250 support. If there is further decline, the price may move towards the $3,220 support in the near term. The next key support is located at $3,110.
Technical indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
hourly relative strength index – The RSI for ETH/USD is currently below the 50 area.
Major Support Level – $3,300
Major Resistance – $3,420
