Ethereum price started a new decline below $3750. ETH is trading lower below $3,700 and could fall further if it trades below $3,550.
- Ethereum started another bearish wave after failing to break $3,880.
- The price is moving below $3,700 and the 100-hour simple moving average.
- On the hourly chart of ETH/USD (feed via Kraken) a contraction triangle is forming with resistance at $3650.
- The pair could continue to move lower if it trades below $3550.
The price of Ethereum continues to fall
Ethereum price failed to stay in the positive zone and started a new decline below $3880, like Bitcoin. The price of ETH dropped below $3,800 and $3,750 and entered the bearish zone.
The decline gained pace below $3650. Finally, bulls emerged near $3,550. The low was formed at $3557 and the price is now consolidating losses near the 23.6% Fib retracement level of the recent decline from the swing high of $3920 to the low of $3557.
Ethereum price is now trading below $3,800 and the 100-hour simple moving average. If there is a wave of recovery, the price may face resistance near the $3,650 level. A contraction triangle is also forming with resistance at $3,650 on the hourly chart of ETH/USD.
The next key resistance is near the $3740 level and the 50% Fib retracement level of the recent $3920 low to $3557. The first major resistance is near the $3,800 level. A clear move above the $3,800 resistance could send the price towards the $3,880 resistance. A break above the $3,880 region could claim more gains in the coming sessions. In the said case, Ether could rise towards the resistance zone of $4000 or even $4050 in the near future.
More losses in ETH?
If Ethereum fails to overcome the $3,800 resistance, a new decline could begin. Initial support on the downside is near the $3,580 level. The first major support is located near the $3550 zone.
A clear move below the $3,550 support could push the price towards the $3,500 support. Any further losses could send the price towards the $3420 region in the near term. The next key support is at $3350 and $3320.
Technical indicators
Hourly MACD – 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 – $3550
Major resistance level – 3800 USD
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