Ethereum Slips After Rebound, Struggling to Keep Momentum Above $3,500
Ethereum's price is experiencing a downtrend, trading below $3,500 and the 100-hourly Simple Moving Average, with key resistance at $3,550 and support at $3,360. If ETH fails to rebound above the $3,500-$3,550 levels, it could continue declining toward $3,280 or lower. Upside potential remains if the price breaks above $3,650, possibly leading to gains up to $3,800 or $3,880.
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Ethereum's Price Fails to Hold Above $3,550
Ethereum price failed to stay above $3,550, initiating a decline. ETH is currently trimming its recent gains and may decline further if it dips below the critical $3,350 support level. The price is now trading below $3,500 and the 100-hourly Simple Moving Average. Meanwhile, there is a key bearish trend line forming with resistance at $3,550 on the hourly chart of ETH/USD (data feed via Kraken). This trend line suggests the pair could continue moving downward if it settles below the $3,350 zone.
Ethereum Price Decline Mirrors Bitcoin
Ethereum price started a fresh decline after failing to sustain above $3,650, following a similar trend as Bitcoin. ETH price dropped below $3,550, slipping into a short-term bearish zone. The decline accelerated below $3,500, breaking below the 50% Fibonacci retracement level of the upward move from $3,176 swing low to the $3,658 high. Now, Ethereum is trading below $3,550 and the 100-hourly Simple Moving Average.
Key Resistance Levels and Potential Upside
If Ethereum attempts a recovery, it could face resistance at the $3,475 level. The next significant resistance lies near $3,500, followed by the primary resistance around $3,550. Notably, the bearish trend line mentioned earlier aligns with this level on the hourly chart of ETH/USD. A clear move above the $3,550 resistance could propel the price toward the $3,650 resistance. Further breaking past the $3,650 region might open the door for gains, potentially pushing Ether to $3,800 or even $3,880 in the short term.
Potential for Further Losses in Ethereum
If Ethereum fails to clear the key $3,500 resistance, a fresh decline might begin. Initial support lies near the $3,400 level, with the first major support at the $3,360 zone, matching the 61.8% Fib retracement level of the upward move (from $3,176 swing low to $3,658 high). A decisive move below the $3,360 support could push ETH toward $3,280. Additional losses could lead the price to drop into the $3,240 region, or even lower, approaching $3,220 and $3,200.
Technical Indicators Overview
- Hourly MACD: The MACD for ETH/USD is gaining momentum in the bearish zone.
- Hourly RSI: The RSI for ETH/USD is currently below the 50 zone, suggesting weak momentum.
- Major Support Levels: $3,360, $3,280, $3,220.
- Major Resistance Levels: $3,550, $3,650, $3,800.
These indicators highlight the bearish trend dominating the Ethereum market as of now.