Ethereum Price Below $3,550 as Major Support Threatens Decline

Ethereum Price Update

Ethereum attempted to recover above $3,650 but faced resistance near the $3,650 zone.
The price is currently trading below $3,550 and the 100-hourly Simple Moving Average.
A break occurred below a bullish trend line with support at $3,575 on the hourly ETH/USD chart.
If Ethereum falls below the $3,360 support level, it might decline further.

The recent recovery wave allowed Ethereum to climb above $3,600 and $3,620. However, the bears remained active, and a high was formed at $3,658 before starting a downside correction.

If there is another recovery attempt, Ethereum might face resistance at $3,500 and $3,520. Clearing the $3,550 resistance could lead to a rise toward $3,650 and potentially $3,800 or $3,880.

Potential Decline:

If Ethereum fails to surpass $3,550, it could start a new decline.
Initial support levels are at $3,420 and $3,360.
A move below $3,360 may push the price toward $3,290, with further support at $3,220, $3,175, and $3,150.

Technical Indicators:

Hourly MACD: Gaining momentum in the bearish zone.
Hourly RSI: Below the 50 zone.

Major Support Level: $3,360

Major Resistance Level: $3,550