ETH (Ethereum) was unable to break through the $3,650 resistance level against the US dollar. The price of ETH is falling, and it may fall below $3,450 in the near future.
- Ethereum has struggled to gain traction above the $3,600 and $3,620 support levels.
- The price is currently trading below $3,550 as well as the 100 hourly simple moving average.
- On the hourly chart of ETH/USD, a key declining channel is forming with resistance near $3,550. (data feed via Kraken).
- Unless the pair breaks through the $3,550 resistance zone, the pair could fall to $3,350.
ETH(Ethereum) Price Faces Hurdles
Bitcoin’s price remained well supported above the pivot level of $55,000. BTC gained momentum and was able to overcome numerous obstacles near the $55,500 level.
The price of Ethereum failed to rise above the $3,600 pivot level. ETH reached a high near $3,620 and began a downward correction. A break below the $3,550 support and the 100 hourly simple moving average occurred.
On the upside, an immediate resistance exists near the $3,635 level and the 100 hourly SMA. The first major resistance is located near $3,550. On the hourly chart of ETH/USD, a key declining channel is forming with resistance near $3,550.
The next major resistance is near $3,560, above which the price may begin a new surge. In the aforementioned scenario, the price could rise to $3,620. The next significant resistance level could be $3,650.
Dips Limited in ETH?
If Ethereum fails to break through the $3,550 and $3,560 resistance levels, it may continue to fall. On the downside, an initial support level is near $3,480. The first major support is now forming near $3,450.
It is close to the 61.8 percent Fib retracement level of the upward move from the swing low of $3,375 to the high of $3,620. In the short term, a downside break could push the price towards the $3,400 support zone. Any further losses could push the price of ether towards the $3,375 support level. The next critical level of support could be $3,300.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $3,440
Major Resistance Level – $3,550
Source: Newsbtc
