Ethereum Slips After Rebound, Struggling to Keep Momentum Above ,500


Ethereum price failed to stay above $3,550. ETH is trimming gains and might decline further if it dips below the $3,350 support.

  • Ethereum started a fresh decline after it failed to stay above $3,550.
  • The price is trading below $3,500 and the 100-hourly Simple Moving Average.
  • There is a key bearish trend line forming with resistance at $3,550 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to move down if it settles below the $3,350 zone.

Ethereum Price Dips Further

Ethereum price failed to continue higher above $3,650 and started a fresh decline, like Bitcoin. ETH price dipped below $3,550 and entered a short-term bearish zone.

The decline gathered pace below $3,500 and the price dipped below the 50% Fib retracement level of the upward move from the $3,176 swing low to the $3,658 high. Ethereum price is now trading below $3,550 and the 100-hourly Simple Moving Average.

If there is another recovery wave, the price could face resistance near the $3,475 level. The next key resistance is near the $3,500 level. The first major resistance is near the $3,550 level. There is also a key bearish trend line forming with resistance at $3,550 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com

A clear move above the $3,550 resistance might send the price toward the $3,650 resistance. An upside break above the $3,650 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $3,800 resistance zone or even $3,880 in the near term.

More Losses In ETH?

If Ethereum fails to clear the $3,500 resistance, it could start a fresh decline. Initial support on the downside is near the $3,400 level. The first major support sits near the $3,360 zone and the 61.8% Fib retracement level of the upward move from the $3,176 swing low to the $3,658 high.

A clear move below the $3,360 support might push the price toward the $3,280 support. Any more losses might send the price toward the $3,240 region in the near term. The next key support sits at $3,220 and $3,200.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 zone.

Major Support Level – $3,360

Major Resistance Level – $3,550



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