ethereum price failed to break above the $3,720 resistance. eth fell again and is now at risk of further losses below the $3,550 support zone.
- ethereum started a fresh decline from the $3,720 resistance zone.
- The price is trading below $3,650 and the 100 hourly simple moving average.
- A key bearish trend line is forming with resistance near $3,680 on the hourly chart of eth/USD (data via Kraken).
- The pair could extend losses if it closes below the $3,550 support.
ethereum price falls again
ethereum price attempted a decent rise above the $3,650 resistance zone. eth even surpassed $3,700, but the bears were active. A high was formed at $3,710 and the price started a new decline. There was a sharp drop below the $3,660 and $3,650 levels.
A low was formed near $3,565 and the price is now consolidating losses, like bitcoin. ethereum is now trading below $3,650 and the 100 hourly simple moving average.
If there is a fresh rise or recovery wave, the price could face resistance near the 23.6% Fibonacci retracement level of the downward move from the high of $3,710 to the low of $3,565. The first major resistance is near the $3,640 level.
There is also a key bearish trend line forming with resistance near $3,680 on the hourly chart of eth/USD. The trend line is near the 61.8% Fibonacci retracement level of the downward move from the high of $3,710 to the low of $3,565.
A bullish break above the $3,680 resistance could send the price higher. The next key resistance lies at $3,720, above which the price could gain traction and rise towards the $3,750 level. If the bulls push Ether above the $3,750 level, the price could rise and test the $3,800 resistance. Any further gains could send Ether towards the $3,880 resistance zone.
More losses on eth?
If ethereum fails to overcome the $3,650 resistance, it could continue down. Initial support on the downside is near $3,550. The next major support is near the $3,520 area.
The main support is located at $3,500. A clear move below the $3,500 support could push the price towards $3,320. Any further losses could send the price towards the $3,250 level in the near term.
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: $3,550
Main Resistance Level: $3,650
