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5 hour ago
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Ethereum Decline Continues Below $3,500 Amid Bearish Trends

Ethereum Price Update

  • Ethereum price failed to maintain its position above $3,550.
  • The current trading price is below $3,500 and the 100-hourly SMA.
  • A bearish trend line is forming with resistance at $3,550 on the hourly chart.
  • If Ethereum dips below the $3,350 support, it may decline further.

Current Market Situation

  • Ethereum's price decline mirrors a similar move by Bitcoin.
  • The price has moved below key levels, including the 50% Fib retracement from $3,176 to $3,658.
  • Resistance is expected near $3,475, $3,500, and ultimately at the $3,550 level.

Ethereum Price

Potential Price Movement

  • If Ethereum moves above $3,550, it could target the $3,650 resistance and possibly reach $3,800 to $3,880.
  • Failure to clear $3,500 resistance might lead to a decline towards $3,400 initially.
  • Further support levels are expected at $3,360, $3,280, $3,240, and potentially as low as $3,200.

Technical Indicators

  • Hourly MACD: Indicating a bearish momentum.
  • Hourly RSI: Below the neutral 50 zone.
  • Major Support Level: $3,360
  • Major Resistance Level: $3,550