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ethereum price extended losses and fell below the $3,550 zone. eth is showing bearish signs and could fall further below the $3,150 level.
- ethereum started a fresh decline below the $3,550 zone.
- The price is trading below $3500 and the 100 hourly simple moving average.
- A key bearish trend line is forming with resistance at $3,420 on the hourly chart of eth/USD (data via Kraken).
- The pair could continue to decline if it fails to hold above the $3,550 support zone.
ethereum price falls below $3,550
ethereum price struggled to start a fresh rise above the $3,550 level and extended losses like bitcoin. eth gained bearish momentum below the $3,450 level and traded below $3,300.
It even fell below $3,220 and spiked below the $3,120 level. A low was formed at $3100 and the price is now consolidating losses. There was a close below the 50% Fibonacci retracement level of the recovery wave from the low of $3,100 to the high of $3,553.
ethereum price is now trading below $3,500 and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance at $3,420 on the hourly chart of eth/USD.
The pair is now testing the 76.4% Fibonacci retracement level of the recovery wave from the low of $3,100 to the high of $3,553. On the upside, the price seems to face obstacles near the $3,350 level. The first major resistance is near the $3,400 level.
The main resistance is now forming near $3,420. A clear move above the $3,420 resistance could send the price towards the $3,500 resistance. A bullish break above the $3,500 resistance could require more gains in the coming sessions. In the given case, Ether could rise towards the resistance zone of $3,550 or even $3,650.
More losses on eth?
If ethereum fails to clear the $3,420 resistance, it could continue down. The initial support on the downside is near the $3,200 level. The first major support lies near the $3,120 area.
A clear move below the $3,120 support could push the price towards the $3,050 support. Any further losses could send the price towards the $3,000 support level in the near term. The next key support lies at $2,880.
Technical Indicators
MACD hourly – The MACD for eth/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for eth/USD is now below the 50 zone.
Main Support Level: $3,120
Main Resistance Level: $3,420
