Ethereum bears continue to push, why ETH will decline further

Ethereum failed to clear the USD 3,650 resistance level against the U.S. dollar. The price of ETH is falling and may fall below $3,450 in the short term.

  • Ethereum strives to gain strength above the levels of 3,600 USD and 3,620 USD.
  • The price is now below $3,550 and the 100-hour simple moving average.
  • On the hourly chart of ETH/USD (through data provided by Kraken), a key descending channel is formed with resistance close to $3,550.
  • Unless the resistance level of 3,550 USD is broken, the currency pair may slide towards 3,350 USD.

Ethereum price faces obstacles

Ethereum failed to break through the pivot level of 3,600 USD. ETH formed a high near $3,620 and started a downward correction.Fell below the $3,550 support level and 100 hour simple moving average.

The price even broke the 50% Fibonacci retracement level from the swing low of $3,375 to the high of $3,620. Ether is currently trading at less than US$3,520 and is now consolidating around US$3,500. The initial support for the downside is near $3,480.

Upside resistance is near the $3,635 and the 100-hour moving average. The first major resistance is near the $3,550 level. On the hourly chart of ETH/USD, there is also a key declining channel formed, with resistance close to $3,550.

source: ETHUSD on TradingView.com

The next major resistance is near $3,560, above which the price may start a new rise. Under the above circumstances, the price may climb to the level of 3,620 US dollars. The next key resistance level may be $3,650.

Dips limited to ETH?

If Ethereum fails to continue above USD 3,550 and USD 3,560 resistance levels, It may continue its downward trend. The initial support for the downside is near $3,480. The first key support level is now formed near $3,450.

It is close to the 61.8% Fibonacci retracement level that moved upward from the swing low of $3,375 to the high of $3,620. A downward break may cause the price to rise to the support area of ​​$3,400 in the short term. Any more losses may push the price of Ether to the $3,375 support area. The next key support level may be $3,300.

Technical index

MACD per hour —— The MACD of ETH/USD is accelerating in the bearish zone.

RSI per hour —— The RSI for ETH/USD is now below the 50 level.

Main support level-3,440 USD

Main resistance level – 3,550 USD

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