Ethereum price has taken a hit, dropping below the $3,550 zone and showing bearish signs that could potentially lead to further decline below the $3,150 level. The price is currently trading below $3,500 and the 100-hourly Simple Moving Average, indicating a downward trend.
The decline in Ethereum price began after struggling to break above the $3,550 level, similar to Bitcoin. The cryptocurrency lost momentum below $3,450 and continued to drop below $3,300, eventually reaching lows below $3,220 and even dipping below $3,120. Currently, ETH is consolidating its losses, with key resistance levels at $3,420 and $3,500.
If Ethereum fails to break above the $3,420 resistance level, it could face further downward pressure. The initial support levels on the downside are at $3,200 and $3,120, with potential further support at $3,050 and $3,000. The hourly MACD for ETH/USD is showing bearish momentum, while the hourly RSI is below the 50 zone.
Looking ahead, if Ethereum manages to break above the $3,420 resistance level, it could potentially reach the $3,500 resistance and even target the $3,550 zone or higher. However, if the resistance holds, the price may continue to move down towards the support levels mentioned earlier, with the next key support at $2,880.
In conclusion, Ethereum price is currently facing a bearish trend, with key resistance at $3,420. Failure to break above this level could lead to further losses towards the support levels at $3,200, $3,120, and potentially $3,000. Traders are advised to monitor the price movement closely and consider these support and resistance levels in their trading strategies.
