Ethereum price extended losses and dropped below the $3,680 zone. ETH is down over 7% and is showing bearish signs below the $3,550 level.
Ethereum started a fresh decline below the $3,680 zone.
The price is trading below $3,550 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance at $3,650 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move down if it fails to stay above the $3,650 support zone.
Ethereum price struggled to start a fresh increase above the $3,680 level and extended losses like Bitcoin. ETH gained bearish momentum below the $3,650 level and dived below $3,600.
It even dived below $3,550 and spiked below the $3,420 level. A low was formed at $3,324 and the price is now consolidating losses. There is also a key bearish trend line forming with resistance at $3,650 on the hourly chart of ETH/USD.
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 $3,510 level. It is close to the 23.6% Fib retracement level of the downward move from the $4,105 swing high to the $3,324 low.
The first major resistance is near the $3,650 level. There is also a key bearish trend line forming with resistance at $3,650 on the hourly chart of ETH/USD.
The main resistance is now forming near $3,715 or the 50% Fib retracement level of the downward move from the $4,105 swing high to the $3,324 low. A clear move above the $3,715 resistance might send the price toward the $3,800 resistance. An upside break above the $3,800 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,880 resistance zone or even $4,000.
If Ethereum fails to clear the $3,650 resistance, it could continue to move down. Initial support on the downside is near the $3,350 level. The first major support sits near the $3,320 zone.
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 $3,050.
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 – $3,320
Major Resistance Level – $3,650
—
Blog powered by G6
Disclaimer! A guest author has made this post. G6 has not checked the post. its content and attachments and under no circumstances will G6 be held responsible or liable in any way for any claims, damages, losses, expenses, costs or liabilities whatsoever (including, without limitation, any direct or indirect damages for loss of profits, business interruption or loss of information) resulting or arising directly or indirectly from your use of or inability to use this website or any websites linked to it, or from your reliance on the information and material on this website, even if the G6 has been advised of the possibility of such damages in advance.
For any inquiries, please contact [email protected]
