Ethereum Price Trims Gains as Bitcoin Slump Drags Crypto Market
The Ethereum price recently faced difficulties climbing above the $3,550 mark. Like Bitcoin, Ethereum also experienced a decline, falling below key support levels and testing the $3,385 zone.
Current Market Performance
- Ethereum is currently trimming gains from the $3,550 resistance zone.
- The price is trading under $3,500 and the 100-hourly Simple Moving Average (SMA).
- A significant bearish trend line is forming with resistance close to $3,465 on the hourly chart.
- It could gain more bearish momentum if it dips below the $3,385 and $3,350 support levels.
Ethereum Price Dips Further
Recently, Ethereum struggled to climb above the $3,550 zone and followed Bitcoin’s downtrend, losing momentum below the $3,500 mark. Bears drove the price down under the $3,420 support zone. A low of $3,388 was recorded, and now the price is consolidating losses. The 23.6% Fib retracement level of the recent drop from $3,543 to $3,388 is posing a challenge.
Key Levels and Potential Movement
- Trading below $3,500 and the 100-hourly SMA.
- First major resistance is near the $3,465 level and the trend line.
- Main resistance is at $3,520 or $3,550.
- An upward break beyond $3,550 could push the price to around $3,650 or even $3,720.
- Gains could eventually send Ether toward $3,880 in the upcoming days.
Possible Further Declines
If Ethereum fails to surpass the $3,465 resistance, it could face another downturn:
- Initial support on the downside is around $3,385.
- First major support is near $3,350.
- A clear move below $3,350 might see the price dropping to $3,220.
- Further losses could pull the price down further to about $3,100.
Technical Indicators
- Hourly MACD: Indicates gaining momentum in the bearish zone.
- Hourly RSI: Currently below the 50 zone.
Major Levels
- Major Support Level: $3,350
- Major Resistance Level: $3,465
Understanding these movements and indicators can help in making more informed decisions in the volatile crypto market.
