Ethereum price started a modern decline from the resistance at $3,550. ETH is currently showing bearish signs and may fall below the $3,300 level.

• Ethereum started a modern decline from the $3,550 zone.
• The price is trading below $3,450 and the 100-hour uncomplicated moving average.
• There was a break below the connecting bullish trend line with support at $3,450 on the ETH/USD hourly chart (data fed via Kraken).
• The pair may gain bearish momentum if it breaks below the $3,300 level.

Ethereum Prices Fall to Support

Ethereum price struggled to stay above the resistance at $3,550 and began a modern decline, much like Bitcoin. ETH was trading below the $3,450 and $3,420 support levels.

There was a break below the connecting bullish trend line with support at $3,450 on the ETH/USD hourly chart. The pair even fell below the 50% Fib retracement level of the rising wave from a low of $3,225 to a high of $3,543.

Ethereum price is currently trading below $3,450 and the 100-hour uncomplicated moving average. It is currently testing the support at $3,300 and is above the 76.4% Fib retracement level of the rally from a low of $3,225 to a high of $3,543.

On the downside, the price seems to be facing headwinds near the $3,380 level. The first major resistance is near the $3,420 level. The main resistance is currently forming near $3,500. A clear move above the resistance at $3,500 could push the price towards the resistance at $3,550.

An upward break above the resistance at $3,550 could trigger further gains in the coming sessions. In the given case, Ether may rise towards the resistance zone at $3,650 or even $3,720 in the near future.

More ETH losses?

If Ethereum does not break the resistance at $3,420, it may continue to decline. Initial downside support is near the $3,320 level. The first major support is located near $3,300.

A clear move below the $3,300 support could push the price towards the $3,250 support. Any further losses could push the price towards the $3,220 support level in the near future. The next key support is at $3,110.

Technical indicators

Hourly MACD – MACD for ETH/USD is gaining momentum in a bear zone.

Hourly RSI – The RSI for ETH/USD is currently below the 50 zone.

Main support level – USD 3,300

Major resistance level – $3,420