The price of Ethereum started a new decline from the resistance of $3550. Ethereum is now showing bearish signs and may fall below the $3300 level.
- Ethereum started a new decline from the $3550 area.
- The price is trading below $3450 and the 100 hourly simple moving average.
- On the hourly chart of ETH/USD (data feed via Kraken) it broke below the connected uptrend line with support at $3450.
- If it breaks below the $3,300 level, the pair could gain downward momentum.
Ethereum price decline relative to support
Ethereum price tried to continue above the price level $3550 resistance And start to drop fresh like Bitcoin. ETH traded below the $3,450 and $3,420 support levels.
On the hourly chart of ETH/USD there was a break below the uptrend line attached to the $3450 support. The pair even fell below the 50% retracement Fib level of the uptrend from $3,225 to a low of $3,543.
Ethereum is now trading below $3,450 and the 100-hour simple moving average. It is now testing the $3,300 support and is above the 76.4% Fib retracement level of the uptrend from $3,225 swing low to $3,543.
On the upside, the price seems to be facing obstacles near the $3,380 level. The first major resistance is near the $3420 level. Major resistance is now forming near $3,500. A clear move above the $3,500 resistance may push the price towards the $3,550 resistance.
An upside break above the $3,550 resistance may require more profit in future sessions. In the mentioned case, ether could rise towards the resistance zone of $3650 or even $3720 in the short term.
More losses in ETH?
If Ethereum fails to clear the $3,420 resistance, it can continue to move. Initial support on the downside is near the $3,320 level. The first major support is near $3,300.
A clear move below the $3,300 support level may push the price towards the $3,250 support. Any further losses may take the price to the $3,220 support level in the short term. The next key support is $3110.
Technical indicators
Hourly MACD – The MACD for ETH/USD is rising in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 area.
Main support level – $3300
Main resistance level – $3420
