Ethereum’s price failed to recover above the $3,650 resistance, showing bearish signs below $3,600. A fresh decline started below the $3,550 support zone, with the price trading under $3,550 and the 100-hourly Simple Moving Average. A key bearish trend line is forming with resistance near $3,650 on the hourly chart of ETH/USD through Kraken. The pair could extend losses if it remains below the $3,650 resistance zone.
Despite an attempt at a recovery wave, Ethereum failed to settle above the $3,650 level and began another decline. The steady decline pushed the price below $3,600, $3,550, with a low reached near $3,430. Currently, the price is consolidating losses, trading below $3,550 and the 100-hourly Simple Moving Average. Although there was a minor correction above the $3,480 level, the price faces resistance near $3,550 and $3,570.
With a key bearish trend line forming with resistance at $3,650, any upside break might send the price higher towards $3,720 and potentially $3,820. However, failure to clear the $3,550 resistance could result in further downward movement. Initial support on the downside is near $3,475, with major support at $3,430. Should the price drop below $3,430, it could head towards $3,320 and even $3,250 in the near term.
Looking at technical indicators, the MACD for ETH/USD is losing momentum in the bearish zone, while the RSI is now below the 50 zone. These indicators suggest a negative outlook for Ethereum’s price in the near future.
Ethereum’s price struggles to recover above key resistance levels, facing downward pressure and struggling to maintain bullish momentum. With the failure to settle above $3,650 and resistance at $3,550, the price could continue to decline towards major support levels. Traders and investors need to closely monitor the technical indicators and key resistance levels to make informed decisions regarding Ethereum’s price movements.
