Ethereum Tanks 10% — Can Bulls Defend the Next Major Demand Zone?
Ethereum price has declined sharply, falling below $3,550 and $3,500. It is trading below $3,400 and faces further bearish pressure, with key supports at $3,250 and $3,200. Resistance levels are at $3,350, $3,450, and $3,500. Failing to clear $3,500 could lead to additional losses, potentially pushing Ether below $3,200 and towards $3,050. Indicators like the hourly MACD and RSI suggest continued bearish momentum.
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Ethereum Price Declines Below Key Levels
Ethereum price started a fresh decline below $3,550, struggling to stay above $3,400. The price is now trading below $3,500 and the 100-hourly Simple Moving Average. If Ethereum remains below $3,500, further decline is possible.
Bearish Trend and Key Resistance Levels
Ethereum faced rejection near $3,650, initiating another bearish wave. On the hourly chart of ETH/USD (data feed via Kraken), a bearish trend line is forming with resistance at $3,450. Key resistance levels include $3,350, $3,450, and $3,500. A break above $3,500 could lead to a test of $3,550, and potentially higher gains toward $3,750 or $3,800.
Ethereum Price Dip Analysis
Ethereum price fell sharply below $3,550, entering a bearish zone similar to Bitcoin. The decline gained momentum below $3,350, with a low formed near $3,058. The price is currently consolidating losses, slightly recovering above the 23.6% Fib retracement level of the recent plunge from $3,920 to $3,058.
Consolidation and Resistance Levels Ahead
Ethereum is now trading below $3,400 and the 100-hourly Simple Moving Average. On a recovery attempt, the first resistance appears near $3,350, followed by $3,480 (the 50% Fib retracement level of the recent decline). A major hurdle remains at the $3,500 level, with a clear upside above this potentially paving the way toward $3,550 or $3,800.
Potential for Further Losses
If Ethereum fails to clear resistance at $3,500, it could trigger a fresh decline. Initial support lies near $3,250, with the first major support at $3,200. A move below $3,200 could drive the price toward $3,120, with further losses potentially testing $3,050 or even $3,000.
Technical Indicators
- Hourly MACD: Losing momentum in the bearish zone.
- Hourly RSI: Below the 50 zone.
- Major Support Levels: $3,200, $3,050, $3,000.
- Major Resistance Levels: $3,500, $3,550, $3,750.