Ethereum’s price struggled to recover above the $3,650 resistance level, signaling bearish signs for the cryptocurrency. Despite an initial attempt to rally, ETH failed to gain momentum and settled below the key resistance level.
Following the failed recovery, Ethereum experienced a fresh decline below the $3,550 support zone. The price is now trading below $3,550 and the 100-hourly Simple Moving Average, indicating a bearish trend in the market.
There is a crucial bearish trend line forming with resistance near $3,650 on the hourly chart of ETH/USD. If the price fails to break above this resistance level, it could continue its downward trajectory. The next major resistance sits at $3,720, with potential gains towards $3,820 and $3,920 if the resistance is cleared.
On the flip side, if Ethereum fails to clear the $3,550 resistance, it might face further losses. Initial support is near $3,475, with significant support at the $3,430 zone. A break below $3,430 could push the price towards $3,320 and potentially $3,250 in the near term.
The hourly MACD for ETH/USD is losing momentum in the bearish zone, indicating a potential downward trend. Additionally, the RSI for ETH/USD is below the 50 zone, further confirming the bearish sentiment in the market.
Overall, Ethereum is facing challenges as it struggles to break above key resistance levels. The failure to secure higher highs could result in continued losses, with support levels identified for potential downside movements. Traders and investors should closely monitor the price action and technical indicators to navigate the volatile market conditions surrounding Ethereum’s price movements.
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