Ethereum price did not break above the resistance at $3,650. ETH has fallen back below the $3,550 level and is currently showing bearish signs below $3,600.

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

Ethereum price hits

Ethereum price attempted a recovery wave, but there was no bullish momentum. ETH failed to reach above $3,650 and began another decline. There has been a steady decline below the $3,600 level.

The price fell below the support level at $3,550. A low has formed near $3,430 and the price is currently consolidating losses, just like Bitcoin. Ethereum is currently trading below $3,550 and the 100-hour straightforward moving average.

There was a slight correction above the level of $3,480. The price has risen above the 23.6% Fib retracement level, the result of a downward move from a high of $3,710 to a low of $3,430. If there is more upside, the price may face resistance near the $3,550 level.

The first major resistance is near the $3,570 level. It is close to the 50% Fib retracement level, which is a downward movement from the high of $3,710 to the low of $3,430.

A key bearish trend line is also forming on the hourly chart of ETH/USD with resistance near $3,650. An upward break above the resistance at $3,650 could trigger a rally in the price. The next key resistance is at $3,720, above which the price may gain strength and rise to $3,820.

A significant move above the $3,820 level could trigger a test of the resistance at $3,920. Any further gains could push Ether towards the $4,000 resistance zone.

Another ETH drop?

If Ethereum does not break the resistance at $3,550, it may continue to decline. Initial support on the downside is near $3,475. The next major support is near the $3,430 zone.

A clear move below the support at $3,430 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 losing momentum in the bear zone.

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

Main support level – USD 3,430

Major resistance level – $3,550