Ethereum Price Back In The Red: A Deeper Drop Ahead? Trending Global News

Ethereum price extended losses and dropped below the $3,550 area. ETH is showing bearish signs and may fall below the $3,150 level.

• Ethereum started a new decline below the $3,550 area.
• The price is trading below $3,500 and the 100-hour simple moving average.
• There is a key bearish trend line forming with resistance at $3,420 on the hourly charts of ETH/USD (data feed via Kraken).
• If the pair fails to stay above the $3,550 support zone, it may continue to move lower.

Ethereum price drops below $3,550

Ethereum price is struggling to start a new rise above the $3,550 level and has extended losses like Bitcoin. ETH gained bearish momentum below the $3,450 level and traded below $3,300.

It also declined below $3,220 and the $3,120 level. A low at $3,100 was formed and the price is now consolidating losses. There was a close below the 50% Fibonacci retracement level of the recovery wave from the $3,100 low to $3,553 high.

Ethereum price is now trading below $3,500 and the 100-hour simple moving average. There is also a key bearish trend line forming with resistance at $3,420 on the hourly charts of ETH/USD.

The pair is now testing the 76.4% Fibonacci retracement level of the recovery wave from the $3,100 low to $3,553 high. On the positive side, the price seems to be facing hurdles near the $3,350 level. The first major resistance is near the $3,400 level.

Key resistance is now forming near $3,420. A clear move above the $3,420 resistance level could send the price towards the $3,500 resistance level. Breaking the $3,500 resistance level may require further gains in the coming sessions. In the described case, Ether could rise to the $3,550 resistance zone or $3,650.

More losses in ETH?

If Ethereum fails to clear the $3,420 resistance, it may continue to move lower. On the downside, the initial support is near the $3,200 level. The first major support is near the $3,120 area.

A clear move below the $3,120 support level could push the price towards the $3,050 support. Any further losses could push the price towards the $3,000 support in the near term. The next major support lies at $2,880.

technical indicators

hourly macd , The MACD of ETH/USD is gaining momentum in the bearish zone.

hourly rsi , The RSI for ETH/USD is now below the 50 area.

Major Support Level – $3,120

Major resistance level – $3,420