Ethereum price failed to clear the $3,720 resistance. ETH declined again and is now at risk of more losses below the $3,550 support zone.
- Ethereum started a fresh decline from the $3,720 resistance zone.
- The price is trading below $3,650 and the 100-hourly Simple Moving Average.
- There is a key bearish trend line forming with resistance near $3,680 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could extend losses if there is a close below the $3,550 support.
Ethereum Price Dips Again
Ethereum price attempted a decent increase above the $3,650 resistance zone. ETH even spiked above $3,700 but the bears were active. A high was formed at $3,710 and the price started a fresh decline. There was a sharp decline below the $3,660 and $3,650 levels.
A low was formed near $3,565 and the price is now consolidating losses, like Bitcoin. Ethereum is now trading below $3,650 and the 100-hourly Simple Moving Average.
More Losses In ETH?
If Ethereum fails to clear the $3,650 resistance, it could continue to move down. Initial support on the downside is near $3,550. The next major support is near the $3,520 zone. The main support sits at $3,500. A clear move below the $3,500 support might push the price toward $3,320. Any more losses might send the price toward the $3,250 level in the near term. Technical IndicatorsHourly 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 – $3,550 Major Resistance Level – $3,650