Ethereum price struggled to climb above the $3,550 resistance and capped gains. ETH gained bearish momentum with Bitcoin and tested the $3,385 zone.
- Ethereum cuts off gains from the $3,550 resistance zone.
- The price is trending below $3,500 and the 100-hour basic moving average.
- A key bearish trend line is forming on the hourly chart of ETH/USD (data via Kraken) with resistance near $3,465.
- The pair could gain bearish momentum if it breaks below the $3,385 and $3,350 support levels.
Ethereum prices continue to fall
Ethereum price has struggled to start a fresh rally above the $3,550 zone. ETH followed Bitcoin’s bearish path and the price fell below the $3,500 level. The bears pushed the price below the support zone at $3,420.
The lowest level was $3,388 and the price is currently consolidating losses. It is struggling near the 23.6% Fib retracement level resulting from the recent decline from a high of $3,543 to a low of $3,388. A key bearish trend line is also forming on the hourly chart of ETH/USD with resistance near $3,465.
Ethereum is currently trading below $3,500 and the 100-hour basic moving average. On the other hand, the price may face resistance near the $3,430 level. The first major resistance is located near the $3,465 level and the trend line.
The trendline is near the 50% Fib retracement level of the recent decline from a high of $3,543 to a low of $3,388. The main resistance is at $3,520 or $3,550. An upward break above the resistance at $3,550 could result in a price rally. The next key resistance is at $3,650, above which the price may gain strength and rise to $3,720. Any further gains could push Ether towards the $3,880 resistance zone in the coming days.
More flaws in ETH?
If Ethereum fails to break through the resistance at $3,465, another decline could begin. Initial support on the downside is near $3,385. The first major support is located near the $3,350 zone.
A clear move below the support at $3,350 could push the price towards $3,220. Larger losses could push the price towards the $3,100 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 3,350
Major resistance level – $3,465
