Ethereum price failed to clear the $3,450 resistance and extended losses. ETH is struggling and might continue to move down if it stays below $3,500.
Ethereum started a fresh decline from the $3,450 zone.
The price is trading below $3,400 and the 100-hourly Simple Moving Average.
There is a connecting bearish trend line forming with resistance at $3,340 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could struggle to start a fresh increase above the $3,400 resistance level.
Ethereum Price Extend Losses
Ethereum price failed to start a recovery wave above the $3,500 level and extended losses like Bitcoin. ETH declined below the $3,450 and $3,400 support levels.
There was a clear move below $3,350 and $3,320. A low was formed at $3,213 and the price is now consolidating below the 23.6% Fib retracement level of the recent decline from the $3,743 swing high to the $3,213 low. There is also a connecting bearish trend line forming with resistance at $3,340 on the hourly chart of ETH/USD.
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 trend line.
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 near $3,500. A clear move above the $3,500 resistance might send the price toward the $3,550 resistance.
An upside break above the $3,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,650 resistance zone or even $3,720 in the near term.
More Losses In ETH?
If Ethereum fails to clear the $3,400 resistance, it could start another decline. Initial support on the downside is near the $3,280 level. The first major support sits near the $3,220.
A clear move below the $3,220 support might push the price toward the $3,150 support. Any more losses might send the price toward the $3,050 support level in the near term. The next key support sits at $3,000.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $3,250
Major Resistance Level – $3,400
