Ethereum Price Drops Below $3,550 Amid Bearish Momentum
Ethereum price extended losses, dropping below the $3,680 zone. ETH is down over 7% and shows bearish signs below the $3,550 level.
- Ethereum declined below the $3,680 zone.
- The price is trading under $3,550 and the 100-hourly Simple Moving Average.
- A key bearish trend line is forming with resistance at $3,650 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair may continue to decline if it fails to maintain support above $3,650.
Ethereum Price Drops Below $3,650
Ethereum struggled to increase above the $3,680 level and continued to lose value similar to Bitcoin. ETH gained bearish momentum under $3,650 and fell below $3,600.
The price dropped below $3,550, reaching a low of $3,324 before consolidating losses. A bearish trend line is forming with resistance at $3,650 on the hourly chart of ETH/USD.
Currently, Ethereum trades below $3,550 and the 100-hourly Simple Moving Average. Resistance is near the $3,510 level, close to the 23.6% Fib retracement level from the $4,105 swing high to the $3,324 low.
The primary resistance is near $3,650, with another trend line forming at this level. The main resistance now forms around $3,715 or the 50% Fib retracement level of the drop from the $4,105 swing high to the $3,324 low. A move above $3,715 might push the price toward $3,800; further gains could lead to levels around $3,880 or even $4,000.
More Losses In ETH?
If Ethereum cannot surpass the $3,650 resistance, it may continue to decline. Initial support is near the $3,350 level, while major support sits around the $3,320 zone.
A clear drop below $3,320 could lead to a decline toward the $3,250 support. Further losses may send the price down to $3,150 in the near term, with the next key support at $3,050.
Technical Indicators
Hourly MACD: The MACD for ETH/USD is gaining bearish momentum.
Hourly RSI: The RSI for ETH/USD is currently below the 50 zone.
Major Support Level: $3,320
Major Resistance Level: $3,650