Ethereum price failed to climb above the $3,520 zone and corrected gains. ETH is now showing bearish signs below the $3,400 support zone.
- Ethereum started a downside correction after failing to break above the $3,520 zone.
- The price is trading below $3,400 and the 100 hourly simple moving average.
- There is a bearish trend line forming with resistance near $3,410 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair now risks further declines below the $3,350 support zone.
Ethereum Price Drops Again
Ethereum price failed to continue higher above the Resistance levels at $3,520 and $3,550. ETH formed a top near $3,520 and started a fresh decline as Bitcoin. There was a move below the $3,450 and $3,420 support levels.
The bears have pushed the price below the 50% Fibonacci retracement level of the upward wave from the $3,351 swing low to $3,516 high. It seems that the price has pared most of the gains and it might continue falling below the $3,350 support zone.
Ethereum is trading below $3,400 and the 100 hourly simple moving average. It is also below the 76.4% Fib retracement level of the upward wave from the $3,351 swing low to $3,516 high.
If there is a recovery wave, the price could face resistance near the $3,400 level. There is also a bearish trend line forming with resistance near $3,410 on the hourly chart of ETH/USD. The first major resistance is near the $3,435 level.
The next major hurdle is near the $3,465 level. A close above the $3,465 level could send Ether towards the $3,520 resistance. The next key resistance is near the $3,550 level. An upside break above the $3,550 resistance could push the price higher. Any further gains could send Ether towards the $3,650 resistance zone.
More ETH losses?
If Ethereum fails to clear the $3,410 resistance, it could continue to decline. The initial support on the downside is near the $3,365 level. The first major support is near the $3,350 zone.
A clear move below the $3,350 support could push the price towards the $3,250 level. Any more losses could send the price towards the $3,120 level in the near term.
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 – $3,435