The Ethereum price did not break the resistance at $3,720. ETH has fallen again and is now at risk of further losses below the $3,550 support zone.

• Ethereum has started a up-to-date decline from the resistance zone at $3,720.
• The price is trading below $3,650 and the 100-hour elementary moving average.
• A key bearish trend line is forming on the hourly chart of ETH/USD (data via Kraken) with resistance near $3,680.
• The pair could extend losses if it closes below the $3,550 support.

Ethereum prices are falling again

Ethereum price has attempted a decent rally above the $3,650 resistance zone. ETH even rose above $3,700, but the bears were dynamic. The high was formed at $3,710, after which the price began a up-to-date decline. There was a pointed drop below the $3,660 and $3,650 levels.

A low has formed near $3,565 and the price is currently consolidating losses, just like Bitcoin. Ethereum is currently trading below $3,650 and the 100-hour elementary moving average.

If a up-to-date rally or wave of recovery occurs, the price may encounter resistance near the 23.6% Fib retracement level in a downward move from a high at $3,710 to a low at $3,565. The first major resistance is near the $3,640 level.

A key bearish trend line is also forming on the hourly chart of ETH/USD with resistance near $3,680. The trendline is close to the 61.8% Fib retracement level, which represents a downward move from the high of $3,710 to the low of $3,565.

An upward break above the resistance at $3,680 could result in a price rally. The next key resistance is at $3,720, above which the price may gain strength and rise to $3,750. If bulls push Ether above the $3,750 level, the price could move higher and test the resistance at $3,800. Any further gains could push Ether towards the $3,880 resistance zone.

More ETH losses?

If Ethereum does not break the resistance at $3,650, it may continue to decline. Initial support on the downside is near $3,550. The next major support is near the $3,520 zone.

The main support is $3,500. A clear move below the support at $3,500 could push the price towards $3,320. Larger losses could push the price towards the $3,250 level in the near future.

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 3,550

Major resistance level – $3,650