Ethereum Price Faces Rejection, Pulls Back from $3,650 ZoneEthereum price is struggling to sustain gains above the $3,650 resistance. ETH faced rejection and started a fresh decline below $3,550, similar to Bitcoin
Ethereum Price Faces Rejection, Pulls Back from $3,650 Zone
Ethereum price is struggling to sustain gains above the $3,650 resistance. ETH faced rejection and started a fresh decline below $3,550, similar to Bitcoin.
There was a sharp decline below the $3,500 and $3,450 levels. Finally, it retested the $3,320 support area. A low was formed at $3,324, and the price is now attempting to recover. There was an increase above the $3,360 level. Ethereum is now trading below $3,500 and the 100 hourly simple moving average.
On the upside, an immediate resistance is near the $3,400 level. It is close to the 23.6% Fibonacci retracement level of the downward move from the $3,654 swing high to $3,324 low.
The first major resistance is near the $3,420 level and a trend line. The next key resistance is at $3,450, above which the price could test the 50% Fibonacci retracement level of the downward move from the $3,654 swing high to $3,324 low.
The next key resistance is near the $3,520 level and the 100 hourly simple moving average, above which Ethereum could gain bullish momentum. In the mentioned case, the price could rally towards the $3,650 level.
If there is a break above the $3,650 resistance, Ethereum could even rally towards the $3,720 resistance. Any more gains could lead to a test of $3,880.
ETH Further Decline?
If Ethereum fails to clear the $3,420 resistance, it could continue to decline. An initial support on the downside is near the $3,320 level.
The first major support is near the $3,250 zone. The next key support could be the $3,220 area. A clear break below the $3,220 support could push the price towards $3,120. Any more losses could lead the price towards the $3,040 level.
Technical Indicators:
Hourly MACD The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI The RSI for ETH/USD is now below the 50 level.
Key Support Levels $3,320
Key Resistance Levels $3,420
Disclaimer: This analysis is not intended to provide any specific financial advice. It is for informational and educational purposes only and should not be relied upon for trading or investment decisions.
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