Ethereum price extended losses and fell below the $3,550 range. ETH is showing bearish signs and could decline further below the $3,150 level.
- Ethereum started a new decline below the $3,550 area.
- The price is trading below $3,500 and the 100-hourly simple moving average.
- A major bearish trend line is forming with resistance at $3,420 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move down if it does not stay above the $3,550 support zone.
Ethereum price drops below $3,550
Ethereum price struggled to start a new rise above the $3,550 level and extended losses as Bitcoin. ETH gained bearish momentum below the $3,450 level and traded below $3,300.
It even went below $3,220 and went up below the $3,120 level. A low was formed at $3,100 and the price is now consolidating lose. There was a close below the 50% Fib level of the recovery wave from the $3,100 swing low to $3,553 high.
The price of Ethereum is now trading below $3,500 and the 100-hourly simple moving average. There is also a major bearish trend line forming with resistance at $3,420 on the hourly chart of ETH/USD.
The pair is now testing the 76.4% Fib level of the recovery wave from the $3,100 swing low to $3,553 high. On the upside, the price seems to be facing obstacles near the $3,350 level. The first major resistance is near the $3,400 level.
The main offer now generates almost $3,420. A clear move above the $3,420 resistance could send the price towards the $3,500 resistance. An upside break against $3,500 could call for more gains in the coming sessions. In the mentioned case, Ether could rise towards the protection zone $3,550 or even $3,650.
More losses in ETH?
If Ethereum fails to clear the $3,420 resistance, it could continue to decline. Initial support on the downside is near the $3,200 level. The first major support is near the $3,120 area.
A clear move below the $3,120 support could push the price towards the $3,050 support. Any further losses could send the price towards the $3,000 support level soon. The next major support will be at $2,880.
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.
Prime Level Support – $3,120
Major Resistance Level – $3,420
