Resilient Ethereum Faces Fresh Price Decline
Despite attempting a recovery rally, Ethereum’s price fails to gain bullish momentum and instead faces a fresh decline. The cryptocurrency struggled to maintain levels above $3,650, leading to a downturn in its value. Subsequently, Ethereum experienced a steady drop below the $3,600 mark and ultimately breached the crucial $3,550 support zone.
Consolidating Losses
- ETH hit a low point near $3,430 before entering a phase of consolidating losses.
- Currently trading below $3,550, Ethereum also slipped below the 100-hourly Simple Moving Average as it contends with bearish pressures.
- A slight upward correction saw the price breach the $3,480 mark, surpassing the 23.6% Fib retracement level from its recent low to high swing.
- However, any further upside movement may encounter resistance around the $3,550 and $3,570 levels, marked by the 50% Fib retracement level.
Challenges and Key Levels
- A key bearish trend line, with resistance around $3,650, is evident on the hourly ETH/USD chart.
- An upward breakthrough past the $3,650 resistance level could pave the way for a potential surge towards $3,720 and, subsequently, $3,820.
- Breaking above $3,820 would signal a bullish momentum, potentially testing the $3,920 resistance and even hitting the $4,000 mark.
Potential for Extended Decline in Ethereum
In the absence of a breakthrough above the $3,550 hurdle, Ethereum may see a continuation of its downward trajectory. Support levels lie near $3,475 initially, followed by a more substantial support zone around $3,430. A breach below this crucial level could drive the price towards $3,320, with further losses possibly dragging it to $3,250.
Market Indicators
- Hourly MACD: The MACD for ETH/USD indicates a decline in bearish momentum.
- Hourly RSI: The RSI for ETH/USD has dipped below the 50 mark, signaling a shift towards a more bearish outlook.
Major Support Level: $3,430
Major Resistance Level: $3,550
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