Ethereum value prolonged losses and dropped under the $3,550 zone. ETH is displaying bearish indicators and may decline additional under the $3,150 degree.
- Ethereum began a contemporary decline under the $3,550 zone.
- The value is buying and selling under $3,500 and the 100-hourly Simple Moving Average.
- There is a key bearish pattern line forming with resistance at $3,420 on the hourly chart of ETH/USD (knowledge feed by way of Kraken).
- The pair may proceed to maneuver down if it fails to remain above the $3,550 help zone.
Ethereum Price Drops Below $3,550
Ethereum value struggled to start out a contemporary enhance above the $3,550 degree and prolonged losses like Bitcoin. ETH gained bearish momentum under the $3,450 degree and traded under $3,300.
It even dived under $3,220 and spiked under the $3,120 degree. A low was fashioned at $3,100 and the value is now consolidating losses. There was a detailed under the 50% Fib retracement degree of the restoration wave from the $3,100 swing low to the $3,553 excessive.
Ethereum value is now buying and selling under $3,500 and the 100-hourly Simple Moving Average. There can be a key bearish pattern line forming with resistance at $3,420 on the hourly chart of ETH/USD.
The pair is now testing the 76.4% Fib retracement degree of the restoration wave from the $3,100 swing low to the $3,553 excessive. On the upside, the value appears to be going through hurdles close to the $3,350 degree. The first main resistance is close to the $3,400 degree.
The important resistance is now forming close to $3,420. A clear transfer above the $3,420 resistance may ship the value towards the $3,500 resistance. An upside break above the $3,500 resistance may name for extra positive factors within the coming periods. In the said case, Ether may rise towards the $3,550 resistance zone and even $3,650.
More Losses In ETH?
If Ethereum fails to clear the $3,420 resistance, it may proceed to maneuver down. Initial help on the draw back is close to the $3,200 degree. The first main help sits close to the $3,120 zone.
A clear transfer under the $3,120 help may push the value towards the $3,050 help. Any extra losses may ship the value towards the $3,000 help degree within the close to time period. The subsequent key help sits at $2,880.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum within the bearish zone.
Hourly RSI – The RSI for ETH/USD is now under the 50 zone.
Major Support Level – $3,120
Major Resistance Level – $3,420
