Ethereum price extended the loss and fell below the $3550 zone. ETH is showing bearish signs and may drop below the $3150 level.
- Ethereum started a new decline below the $3550 area.
- The price is trading below $3,500 and the 100 hourly simple moving average.
- A key bearish trend line is forming with resistance at $3,420 on the hourly chart of ETH/USD (data feed via Kraken).
- If it fails to stay above the $3,550 support area, the pair could continue to move.
The price of Ethereum fell below $3550
Ethereum price struggled to start a new rally above the $3,550 level and extended similar losses Bitcoin. Ethereum gained downside momentum below the $3,450 level and traded below $3,300.
It even broke below $3,220 and broke below the $3,120 level. A low was formed at $3100 and the price is now consolidating losses. The close below the 50% Fib retracement level was the recovery wave from $3100 to $3553.
Ethereum is now trading below $3,500 and the 100-hour simple moving average. A key downtrend line is also forming with resistance at $3420 on the hourly chart of ETH/USD.
The pair is now testing the 76.4% Fib retracement wave level of the $3,100 swing low to $3,553. On the upside, the price seems to be facing obstacles near the $3,350 level. The first major resistance is near the $3400 level.
Major resistance is now forming near $3,420. A clear move above the $3,420 resistance may push the price towards the $3,500 resistance. An upside break above the $3,500 resistance may require more profit in future sessions. In the mentioned case, Ether could rise towards the $3,550 or even $3,650 resistance zone.
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 $3,200 level. The first major support is near the $3120 area.
A clear move below the $3,120 support may push the price towards the $3,050 support. Any further losses may take the price to the $3,000 support level in the short term. The next key support is $2,880.
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 – $3120
Main resistance level – $3420
