Ethereum price failed to climb above the $3,520 zone and corrected gains. ETH is now showing bearish signs below the USD 3,400 support zone.
- Ethereum started a downward correction after failing to cross the $3,520 zone.
- The price is trading below $3,400 and the 100-hourly Simple Moving Average.
- A major bearish trendline is forming with resistance near $3,410 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is now at risk of more negative points below the $3,350 support zone.
Ethereum price drops again
Ethereum price failed to hold higher above the USD 3,520 and USD 3,550 resistance levels. ETH formed a top near $3,520 and, like Bitcoin, started a new decline. There was a move below the USD 3,450 and USD 3,420 support levels.
The bears pushed the price below the 50% Fib retracement level of the upwave from the $3,351 swing low to the $3,516 high. It looks like the price has trimmed most of the gains and may decline further below the USD 3,350 support zone.
Ethereum is trading below $3,400 and the 100-hour Simple Moving Average. It is also below the 76.4% Fib retracement level of the upward wave from the $3,351 swing low to the $3,516 high.
If a recovery wave comes, the price may encounter resistance near the USD 3,400 level. There is also a major bearish trendline forming with resistance around $3,410 on the hourly chart of ETH/USD. The first major resistance is around the $3,435 level.
The next major hurdle is near the USD 3,465 level. A close above the USD 3,465 level could send Ether towards the USD 3,520 resistance. The next major resistance is near USD 3,550. An upside break above the USD 3,550 resistance could push the price higher. Even more gains could send Ether towards the USD 3,650 resistance zone.
Lose more in ETH?
If Ethereum fails to clear the USD 3,410 resistance, it could continue falling. Initial downside support is near $3,365. The first major support is near the $3,350 zone.
A clear move below the USD 3,350 support could push the price towards USD 3,250. Any further losses could send the price towards the USD 3,120 level in the near term.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 zone.
Major support level – $3,350
Major resistance level – $3,435