Ethereum price failed to clear the $3,450 resistance and extended losses. ETH is struggling and could continue to decline if it stays below $3,500.
- Ethereum started a new decline from the $3,450 area.
- The price is trading below $3,400 and the 100-hourly simple moving average.
- A connecting bearish trend line is forming with resistance at $3,340 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair may find it difficult to start a new rally above the $3,400 resistance level.
Ethereum Price Extension loss
Ethereum price failed to initiate a recovery wave above the $3,500 level and extended losses as Bitcoin. ETH declined below the $3,450 and $3,400 support levels.
There was a clear move below $3,350 and $3,320. A low was formed at $3,213 and the price is now consolidating below the 23.6% Fib level of the recent decline from the $3,743 swing high to the $3,213 low. There is also a bearish trend line forming with resistance at $3,340 on the hourly chart of ETH/USD.
The price of Ethereum is now trading below $3,400 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 $3,350 level and the trend line.
The first major resistance is near the $3,475 level or the 50% Fib level of the recent decline from the $3,743 high to the $3,213 low. The main event now generates nearly $3,500. A clear move above the $3,500 resistance could send the price towards the $3,550 resistance.
An upside break against $3,550 could call for more gains in the coming sessions. In the mentioned case, Ether could rise towards the protection zone $3,650 or even $3,720 in the long term.
More losses in ETH?
If Ethereum fails to clear the $3,400 resistance, it could start another decline. Initial support on the downside is near the $3,280 level. The first major support is near the $3,220.
A clear move below the $3,220 support could push the price towards the $3,150 support. Any further losses could send the price towards the $3,050 support level soon. The next major support will be at $3,000.
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 – $3,250
Major Resistance Level – $3,400
