Ethereum price struggled to climb above the $3,550 resistance and trimmed gains. ETH gained bearish momentum alongside Bitcoin and tested the $3,385 zone.
- Ethereum is trimming gains from the $3,550 resistance zone.
- The price is trading below $3,500 and the 100-hourly Simple Moving Average.
- There is a key bearish trend line forming with resistance near $3,465 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bearish momentum if it dips below the $3,385 and $3,350 support levels.
Ethereum Price Dips Further
Ethereum price struggled to start a fresh increase above the $3,550 zone. ETH followed Bitcoin’s bearish path and the price declined below the $3,500 level. The bears pushed the price below the $3,420 support zone.
A low was formed at $3,388 and the price is now consolidating losses. It is struggling near the 23.6% Fib retracement level of the recent decline from the $3,543 swing high to the $3,388 low. There is also a key bearish trend line forming with resistance near $3,465 on the hourly chart of ETH/USD.
More Downsides In ETH?
If Ethereum fails to clear the $3,465 resistance, it could start another decline. Initial support on the downside is near $3,385. The first major support sits near the $3,350 zone.Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $3,350 Major Resistance Level – $3,465