Ethereum Price Struggles to Regain Momentum

Ethereum price failed to break above the key resistance level of $3,450 and has since experienced a downward trend. The cryptocurrency is facing challenges and may continue on a bearish path if it remains below the $3,500 mark.

• Ethereum initiated a fresh decline after encountering resistance at the $3,450 level.
• The price is currently trading below $3,400 as well as the 100-hourly Simple Moving Average.
• A bearish trend line is forming with resistance at $3,340 on the hourly chart of ETH/USD (data feed via Kraken).
• The cryptocurrency may struggle to surpass the $3,400 resistance level and begin a new upward trend.

Continued Losses for Ethereum Price

Ethereum’s attempt to rally above $3,500 proved unsuccessful, resulting in a downward spiral similar to Bitcoin’s recent performance. ETH dropped below the $3,450 and $3,400 support levels.

The price descended below $3,350 and $3,320, reaching a low of $3,213 before consolidating below the 23.6% Fibonacci retracement level from the recent high of $3,743 to the low of $3,213. Additionally, a bearish trend line is forming with resistance at $3,340 on the hourly chart of ETH/USD.

Currently, Ethereum is trading below $3,400 and the 100-hourly Simple Moving Average. Resistance is evident near the $3,350 level and the aforementioned trend line.

The primary resistance lies at $3,475 or the 50% Fibonacci retracement level of the decline from $3,743 to $3,213. The major hurdle is at $3,500, with a successful breach potentially propelling the price towards the $3,550 resistance level.

A breakthrough above the $3,550 resistance level could lead to further gains in the upcoming sessions, potentially pushing Ethereum towards the $3,650 and $3,720 resistance zones.

Potential Further Decline in ETH?

If Ethereum fails to surpass the $3,400 resistance, it may experience another downward trend. Initial support is expected near $3,280, followed by a major support level at $3,220.

A decisive move below $3,220 could drive the price towards the $3,150 support, with further losses potentially targeting the $3,050 level in the short term. The next significant support rests at $3,000.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is showing bearish momentum.

Hourly RSI – The RSI for ETH/USD is currently below the 50 mark.

Major Support Level – $3,250

Major Resistance Level – $3,400