Jan 9, 2025
3 0
Ethereum Price Declines Below $3,400 with Support at $3,220
Ethereum Price Update
- Ethereum failed to break the $3,450 resistance level.
- Currently trading below $3,400 and the 100-hourly Simple Moving Average.
- A bearish trend line forms resistance at $3,340 on the hourly chart.
- The price struggles to rise above the $3,400 resistance.
- Recent decline saw a low at $3,213; consolidating below key Fibonacci levels.
- Major resistance levels are at $3,475 and $3,500.
- Initial support is near $3,280, with major support at $3,220.
- A drop below $3,220 may lead to further declines towards $3,050 and $3,000.
Technical indicators show MACD gaining bearish momentum, and RSI is below the 50 mark.
