ethereum price struggled to clear the $3,550 resistance and trimmed gains. eth gained bearish momentum along with bitcoin and tested the $3,385 zone.
- ethereum is paring gains from the $3,550 resistance zone.
- The price is trading below $3500 and the 100 hourly simple moving average.
- A key bearish trend line is forming with resistance near $3,465 on the hourly chart of eth/USD (data via Kraken).
- The pair could gain bearish momentum if it falls below the $3,385 and $3,350 support levels.
ethereum price falls further
ethereum price struggled to start a fresh rise above the $3,550 zone. eth followed bitcoin's bearish path and the price fell below the $3,500 level. The bears pushed the price below the $3,420 support zone.
A low was formed at $3388 and the price is now consolidating losses. It is struggling near the 23.6% Fibonacci retracement level of the recent decline from the high of $3,543 to the low of $3,388. There is also a key bearish trend line forming with resistance near $3,465 on the hourly chart of eth/USD.
ethereum is now trading below $3,500 and the 100 hourly simple moving average. On the upside, the price could face resistance near the $3,430 level. The first major resistance is near the $3,465 level and the trend line.
The trend line is near the 50% Fibonacci retracement level of the recent drop from the high of $3,543 to the low of $3,388. The main resistance is located at $3,520 or $3,550. A bullish 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 traction and rise towards the $3,720 level. Any further gains could send Ether towards the $3,880 resistance zone in the coming days.
More disadvantages in eth?
If ethereum fails to overcome the $3,465 resistance, it could start another decline. Initial support on the downside is near $3,385. The first major support lies near the $3,350 area.
A clear move below the $3,350 support could push the price towards $3,220. Any further losses could send the price towards the $3,100 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: $3350
Main Resistance Level: $3,465
