Update on Ethereum Price Movement 📉
ETH is currently facing resistance near the $3,550 zone and is trading below $3,500 and the 100-hourly Simple Moving Average. A bearish trend line with resistance near $3,465 is forming on the hourly chart of ETH/USD. The pair might gain bearish momentum if it breaks below the $3,385 and $3,350 support levels.
Ethereum Price Dips Further 📉
Ethereum recently struggled to surpass the $3,550 zone and followed Bitcoin’s downward trend. The price declined below $3,500 and broke the $3,420 support zone. After hitting a low of $3,388, the price is now consolidating losses while facing key resistance levels.
- ETH is struggling near the 23.6% Fib retracement level from the recent decline.
- A crucial bearish trend line is forming with resistance at $3,465.
- The cryptocurrency is trading below the 100-hourly Simple Moving Average.
Potential Downside for Ethereum ⬇️
If Ethereum fails to break above the $3,465 resistance level, another decline could be on the horizon. The initial support is at $3,385, followed by a major support zone around $3,350. Further downside could lead to a drop towards $3,220 and possibly $3,100 in the short term.
Technical Indicators 📊
- Hourly MACD – The MACD for ETH/USD is showing momentum in the bearish zone.
- Hourly RSI – The RSI for ETH/USD is currently below the 50 level.
On the upside, resistance levels to watch include $3,430, $3,465, and potential breakthrough points at $3,520 and $3,550. Conversely, strong support levels are at $3,385 and $3,350.
Hot Take 🔥
Ethereum’s price continues to face challenges as it struggles to break above key resistance levels. Traders should keep a close eye on support at $3,350 and resistance at $3,465 to gauge the cryptocurrency’s next moves. Technical indicators suggest bearish momentum, indicating a potential downtrend in the near term.
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