Ethereum Price Declines Over 5% Below $3,680 Support Level
Ethereum price declined sharply below the $3,880 zone, with ETH down over 5% and exhibiting bearish signs below the $3,680 level.
- Ethereum began a decline below the $3,800 zone.
- The price is trading under $3,680 and the 100-hourly Simple Moving Average.
- A new bearish trend line is forming with resistance at $3,800 on the hourly chart of ETH/USD (data feed via Kraken).
- If the price fails to hold above the $3,550 support zone, it could continue to decline.
Ethereum Price Dives Below $3,800
Ethereum struggled to maintain levels above $3,880, initiating a decline similar to Bitcoin. ETH lost momentum below $3,800, dropping under $3,680.
The price fell below $3,600, reaching a low of $3,543, and is currently consolidating losses. A bearish trend line forms with resistance at $3,800 on the hourly chart of ETH/USD.
Currently, Ethereum trades below $3,620 and the 100-hourly Simple Moving Average. Resistance is observed near the $3,670 level, close to the 23.6% Fib retracement level from the $4,105 swing high to the $3,537 low.
The first major resistance is around the $3,800 level, corresponding to the 50% Fib retracement level from the $4,107 swing high to the $3,837 low.
The primary resistance is now near $3,880. A move above this level may lead to testing the $4,000 resistance. An upside break beyond $4,000 might result in further gains, potentially targeting the $4,150 or $4,220 resistance zones.
More Losses In ETH?
If Ethereum cannot surpass the $3,680 resistance, further declines are likely. Initial downside support is around the $3,550 level, with major support near $3,500.
A drop below $3,500 could push the price toward $3,450. Additional losses may lead to a test of the $3,350 support level, with the next key support at $3,220.
Technical Indicators:
Hourly MACD: The MACD for ETH/USD shows increasing bearish momentum.
Hourly RSI: The RSI for ETH/USD is currently below the 50 mark.
Major Support Level: $3,550
Major Resistance Level: $3,680