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Ethereum price failed to clear the $3,750 resistance and trimmed gains. ETH is back to $3,350 and might struggle to start a fresh increase.
Ethereum started a fresh decline from the $3,750 zone.
The price is trading below $3,550 and the 100-hourly Simple Moving Average.
There was a break below a connecting bullish trend line with support at $3,675 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could struggle to start a fresh increase above the $3,450 resistance level.
Ethereum Price Dips Over 8%
Ethereum price remained stable above the $3,650 level and extended its upward move like Bitcoin. ETH gained pace for a move above the $3,680 and $3,700 resistance levels.
However, the bulls failed to push the price above the $3,750 resistance. A high was formed at $3,742 and the price started a fresh decline. There was a clear move below $3,650 and $3,550. There was also a break below a connecting bullish trend line with support at $3,675 on the hourly chart of ETH/USD.
A low was formed at $3,356 and the price is now consolidating below the 23.6% Fib retracement level of the recent decline from the $3,742 swing high to the $3,356 low.
Ethereum price is now trading below $3,550 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,450 level. The first major resistance is near the $3,500 level. The main resistance is now forming near $3,550 or the 50% Fib retracement level of the recent decline from the $3,742 swing high to the $3,356 low.
Source: ETHUSD on TradingView.com
A clear move above the $3,550 resistance might send the price toward the $3,650 resistance. An upside break above the $3,650 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,750 resistance zone or even $3,880 in the near term.
More Losses In ETH?
If Ethereum fails to clear the $3,450 resistance, it could start another decline. Initial support on the downside is near the $3,350 level. The first major support sits near the $3,320.
A clear move below the $3,320 support might push the price toward the $3,250 support. Any more losses might send the price toward the $3,150 support level in the near term. The next key support sits at $3,120.
Technical Indicators
Hourly MACD – 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.
Major Support Level – $3,350
Major Resistance Level – $3,450
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