NewsBTC
27 December 2024
Updated 28 December
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Ethereum Price Declines Below $3,450, Testing $3,300 Support

Ethereum price has begun a decline from the $3,550 resistance level and is showing bearish signs, potentially sliding below $3,300.

  • Ethereum declined from the $3,550 zone.
  • The price is trading below $3,450 and the 100-hourly Simple Moving Average.
  • A break occurred below a bullish trend line with support at $3,450 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair may gain bearish momentum if it settles below the $3,300 level.

Ethereum Price Dips to Support

Ethereum struggled to maintain momentum above the $3,550 resistance and started a fresh decline similar to Bitcoin. ETH traded below the $3,450 and $3,420 support levels.

A break below the bullish trend line at $3,450 was noted on the hourly chart of ETH/USD. The price also dipped below the 50% Fibonacci retracement level of the upward movement from the $3,225 swing low to the $3,543 high.

Currently, Ethereum trades below $3,450 and the 100-hourly Simple Moving Average, testing the $3,300 support while remaining above the 76.4% Fibonacci retracement level of the previous upward wave.

On the upside, the price faces resistance near the $3,380 level, with initial major resistance at $3,420 and main resistance forming around $3,500. A decisive move above $3,500 could push the price toward $3,550.

Ethereum Price

An upside breakout above $3,550 might lead to further gains, potentially targeting the $3,650 or $3,720 resistance zones in the near term.

Potential Further Losses for ETH?

If Ethereum does not clear the $3,420 resistance, it may continue to decline. Initial support is near $3,320, with significant support at $3,300.

A clear drop below $3,300 could lead to a decrease towards the $3,250 support level, and further losses may target the $3,220 support level. The next key support is at $3,110.

Technical Indicators:

Hourly MACD: The MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSI: The RSI for ETH/USD is now below the 50 zone.

Major Support Level: $3,300

Major Resistance Level: $3,420