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Ethereum price failed to clear the USD 3,450 resistance and led to prolonged losses. ETH is struggling and could continue to fall if the price remains below $3,500.
- Ethereum started a new decline from the $3,450 zone.
- The price is trading below $3,400 and the 100-hourly Simple Moving Average.
- A connecting bearish trendline is forming with resistance at $3,340 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could struggle to start a new rise above the USD 3,400 resistance level.
Ethereum price extends losses
Ethereum price failed to initiate a recovery wave above the USD 3,500 level and extended losses like those of Bitcoin. ETH fell below the USD 3,450 and USD 3,400 support levels.
There was a clear move below USD 3,350 and USD 3,320. A low was formed at $3,213 and the price is now consolidating below the 23.6% Fib retracement level from the recent decline from the swing high of $3,743 to the low of $3,213. A connecting bearish trendline is also forming with resistance at $3,340 on the hourly chart of ETH/USD.
The Ethereum price is now trading below $3,400 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,350 level and the trendline.
The first major resistance is near the $3,475 level or the 50% Fib retracement level of the recent decline from the $3,743 swing high to the $3,213 low. The main resistance is now forming around $3,500. A clear move above the USD 3,500 resistance could send the price towards the USD 3,550 resistance.
An upside break above the USD 3,550 resistance could call for more gains in the coming sessions. In the mentioned case, Ether could rise towards the USD 3,650 or even USD 3,720 resistance zone in the short term.
Lose more in ETH?
If Ethereum fails to clear the USD 3,400 resistance, it could trigger another decline. The initial downside support is near the $3,280 level. The first major support is around $3,220.
A clear move below the USD 3,220 support could push the price towards the USD 3,150 support. Any further losses could send the price towards the USD 3,050 support level in the near term. The next major support is $3,000.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 zone.
Major support level – $3,250
Major resistance level – $3,400
