Ethereum Price Fall: Slow Decline as Market Pressure Increases

Ethereum price failed to recover above the $3,650 resistance level. ETH has fallen back below the $3,550 level and is currently showing bearish signals below $3,600.

• Ethereum began a new downtrend below the $3,550 support zone.
• The price is trading below $3,550 and the 100-hour simple moving average.
• The hourly chart of ETH/USD (data feed via Kraken) shows a major bearish trendline forming with resistance near $3,650.
• A stay below the $3,650 resistance area could widen losses.

Ethereum price takes a hit

Ethereum price tried to recover, but there was no bullish momentum. ETH failed to settle above the $3,650 level and began another downtrend. There was a steady decline below the $3,600 level.

The price declined below the $3,550 support level. A low was made near $3,430 and the price is now consolidating losses like Bitcoin. Ethereum is currently trading below $3,550 and the 100-hour simple moving average.

There was a slight correction above the $3,480 level. The price broke above the 23.6% Fib retracement level moving down from the $3,710 swing high to the $3,430 low. If more gains occur, the price may face resistance near the $3,550 level.

The first major resistance is near the $3,570 level. This is close to the 50% Fib retracement level of the downward move from the $3,710 swing high to the $3,430 low.

Additionally, on the hourly chart of ETH/USD, there is a major bearish trend line forming with resistance near $3,650. An upside reversal above the $3,650 resistance could push the price higher. The next major resistance level is $3,720, above which the price may gain traction and advance towards the $3,820 level.

A clear break above the $3,820 level may require a test of the $3,920 resistance. Further gains could lead Ether towards the $4,000 resistance zone.

Another decline in ETH?

If Ethereum fails to clear the $3,550 resistance, it may continue to fall. Initial support on the downside is near $3,475. The next major support level is near $3,430.

A clear break below the $3,430 support could push the price towards $3,320. More losses could push the price towards the $3,250 level in the near term.

technical indicators

Hourly MACD – ETH/USD MACD is losing momentum in bearish territory.

RSI per hour – The RSI for ETH/USD is now below the 50 area.

Key Support Level – $3,430

Key Resistance Level – $3,550