Ethereum price is in the red again: is there an even deeper fall ahead?

Ethereum price continued to fall and fell below the $3,550 zone. ETH is showing bearish signs and could fall below the $3,150 level.

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

Ethereum price fell below $3550

Ethereum price struggled to start a new rise above the $3,550 level and continued to lose, much like Bitcoin. ETH gained bearish momentum below the $3,450 level and traded below $3,300.

It even dipped below the $3,220 level and bounced below the $3,120 level. The low was formed at $3,100, and the price is now consolidating losses. There was a close below the 50% Fibonacci retracement level of the retracement wave from the swing low of $3,100 to the high of $3,553.

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

The pair is currently testing the 76.4% Fibonacci retracement level of the retracement wave from the $3,100 swing low to $3,553 high. On the downside, the price seems to be facing headwinds near the $3,350 level. The first major resistance is near the $3,400 level.

The main resistance is now forming around $3420. A clear move above the $3,420 resistance could steer the price towards the $3,500 resistance. A break above the $3,500 resistance could call for further gains in the coming sessions. In the said case, Ether could rise to the resistance zone of $3550 or even $3650.

More losses in ETH?

If Ethereum fails to break through the $3,420 resistance, it could continue moving lower. Initial downside support lies near the $3,200 level. The first major support is near the $3,120 zone.

A clear move below the $3,120 support could push the price towards the $3,050 support. Any further losses could push the price towards the $3,000 support level in the near future. The next key support is at $2880.

Technical indicators

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

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

The main support level is $3,120.

The main resistance level is $3,420.

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