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Ethereum price failed to overcome the resistance at $3,750 and confined gains. ETH has returned to $3,350 and may struggle to start a up-to-date rally.
- Ethereum started a up-to-date decline from the $3,750 zone.
- The price is trading below $3,550 and the 100-hour basic moving average.
- There was a break below the converging bullish trend line with support at $3,675 on the ETH/USD hourly chart (data fed via Kraken).
- The pair may struggle to start a up-to-date rally above the $3,450 resistance level.
Ethereum prices fall by over 8%
Ethereum’s price remained stable above the $3,650 level and, like Bitcoin, continued its upward movement. ETH gained momentum to break above the $3,680 and $3,700 resistance levels.
However, the bulls failed to push the price above the resistance level of $3,750. The high was formed at $3,742, after which the price began a up-to-date decline. There has been a clear move below $3,650 and $3,550. There was also a break below the converging bullish trend line with support at $3,675 on the ETH/USD hourly chart.
The low has formed at $3,356 and the price is currently consolidating below the 23.6% Fib retracement level of the recent drop from a high of $3,742 to a low of $3,356.
Ethereum price is currently trading below $3,550 and the 100-hour basic moving average. On the downside, the price seems to be facing headwinds near the $3,450 level. The first major resistance is near the $3,500 level. Major resistance is currently forming near $3,550, which is the 50% Fib retracement level of the recent decline from a high of $3,742 to a low of $3,356.
A clear move above the resistance at $3,550 could push the price towards the resistance at $3,650. An upward break above the resistance at $3,650 could trigger further gains in the coming sessions. In the given case, Ether may rise towards the resistance zone at $3,750 or even $3,880 in the near future.
More ETH losses?
If Ethereum fails to break the resistance at $3,450, another decline could begin. Initial downside support is near the $3,350 level. The first major support is located near $3,320.
A clear move below the $3,320 support could push the price towards the $3,250 support. Any further losses could push the price towards the $3,150 support level in the near future. The next key support is at $3,120.
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 3,350
Major resistance level – $3,450