Ethereum price struggled to rise above the $3,550 resistance level and pared gains. ETH gained bearish momentum alongside Bitcoin and tested the $3,385 area.
- Ethereum trims gains from $3,550 resistance area.
- The price is trading below the $3,500 level and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $3,465 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain downside momentum if it falls below the $3,385 and $3,350 support levels.
Ethereum price falls further
Ethereum price struggled to start a new surge above the $3,550 area. ETH followed Bitcoin’s downward path and the price fell below the $3,500 level. The bears pushed the price below the $3,420 support zone.
The low was formed at $3,388 and the price is now consolidating losses. It is struggling near the 23.6% Fibonacci retracement level of the recent decline from the high of $3,543 to the low of $3,388. There is also a major bearish trend line forming with resistance near $3,465 on the hourly chart of the ETH/USD pair.
Ethereum is now trading below $3,500 and its 100 hourly simple moving average. On the upside, the price may face resistance near the $3,430 level. The first major resistance is near the $3,465 level and the trend line.
The trend line is near the 50% Fibonacci retracement level of the recent decline from the high of $3,543 to the low of $3,388. The main resistance is located at $3,520 or $3,550. A bullish breakout above the $3,550 resistance could push the price higher. The next major resistance is at $3,650, above which the price could gain momentum and rise towards $3,720 level. Any further gains could send Ether towards the $3,880 resistance area in the coming days.
More negatives in ETH?
If Ethereum fails to break above the $3,465 resistance level, it could start another decline. Initial support on the downside is near $3,385. The first major support is near the $3,350 area.
A clear move below the $3,350 support could push the price towards $3,220. Any further losses may send the price towards the $3,100 level in the near term.
Technical indicators
MACD per hour – The MACD indicator for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 area.
Major Support Level – $3,350
Major resistance level – $3,465
