Ethereum price failed to clear the $3,750 resistance and cut gains. ETH is back to $3,350 and it might be difficult to start a new rally.
- Ethereum started a new decline from the $3,750 area.
- The price is trading below $3,550 and the 100-hourly simple moving average.
- There was a break below the connecting bullish trend line with support at $3,675 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair may find it difficult to start a new rally above the $3,450 resistance level.
Ethereum price goes down more than 8%
Ethereum price remained stable above the $3,650 level and extended the uptrend as Bitcoin. ETH gained momentum to move above the $3,680 and $3,700 resistance levels.
However, the bulls failed to push the price above the $3,750 resistance. A high was formed at $3,742 and the price started to decline again. There was a clear move below $3,650 and $3,550. There was also a break below the connecting bullish trend line with support at $3,675 on the hourly chart of ETH/USD.
A low was formed at $3,356 and the price is now consolidating below the 23.6% Fib level of the recent decline from the $3,742 high to the $3,356 low.
The price of Ethereum is now trading below $3,550 and the price of Ethereum is trading below 100-hour simple moving average. On the upside, the price seems to be facing obstacles near the $3,450 level. The first major resistance is near the $3,500 level. The major resistance is now approaching $3,550 or the 50% Fib level of the recent decline from the $3,742 high to the $3,356 low.
A clear move above the $3,550 resistance could send the price towards the $3,650 resistance. An upside break against $3,650 could call for more gains in the coming sessions. In the mentioned case, Ether could rise towards the protection zone $3,750 or even $3,880 in the short term.
More losses in ETH?
If Ethereum fails to clear the $3,450 resistance, it could start another decline. Initial support on the downside is near the $3,350 level. The first major support is near the $3,320.
A clear move below the $3,320 support could push the price towards the $3,250 support. Any further losses could send the price towards the $3,150 support level soon. The next major support will be at $3,120.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is moving in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Senior Support Level – $3,350
Major Resistance Level – $3,450
