Markets

Ethereum Price Trims Gains as Bitcoin Drop Drags Crypto Market

Published

7 months ago

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Ethereum price struggled to rise above the $3,550 resistance and pared gains. ETH gained bearish momentum along with Bitcoin and tested the $3,385 zone.

  • Ethereum is paring gains from the $3,550 resistance zone.
  • The price is trading below $3,500 and the 100 hourly simple moving average.
  • There is a bearish trend line forming with resistance near $3,465 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could gain bearish momentum if it falls below the $3,385 and $3,350 support levels.

Ethereum price drops further

Ethereum price struggled to begin a fresh rise above the $3,550 zone. ETH followed Bitcoins bearish path and the price fell below the $3,500 level. The bears pushed the price below the $3,420 support zone.

A low was formed at $3,388 and the price is now consolidating losses. It is struggling near the 23.6% Fib retracement level of the recent decline from the $3,543 high to $3,388 low. There is also a bearish trend line forming with resistance near $3,465 on the hourly chart of the ETH/USD pair.

Ethereum is now trading below $3,500 and the 100 hourly simple moving average. On the upside, the price may face resistance near the $3,430 level. The first major resistance is near the $3,465 level and the trend line.

Source: ETHUSD on TradingView.com

The trend line is near the 50% Fibonacci retracement level of the recent decline from the $3,543 swing high to $3,388 low. The main resistance lies at $3,520 or $3,550. A bullish breakout above the $3,550 resistance could push the price higher. The next key resistance lies at $3,650, above which the price could gain strength and rise towards the $3,720 level. Any further gains could send Ether towards the $3,880 resistance zone in the coming days.

More downsides to ETH?

If Ethereum fails to overcome the $3,465 resistance, it could begin another decline. Initial downside support is near $3,385. The first major support is near the $3,350 zone.

A clear move below the $3,350 support could push the price towards $3,220. Further losses could send the price towards the $3,100 level in the near term.

Technical Indicators

MACD per hour – The MACD for ETH/USD is gaining momentum in the bearish zone.

RSI per hour – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $3,350

Main resistance level – $3,465

Source

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