Ethereum Price Slides as Bitcoin Drags Down Crypto Market

John Darbie
Photo: Finoracle.net

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.

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John Darbie is a seasoned cryptocurrency analyst and writer with over 10 years of experience in the blockchain and digital assets industry. A graduate of MIT with a degree in Computer Science and Engineering, John specializes in blockchain technology, cryptocurrency markets, and decentralized finance (DeFi). His insights have been featured in leading publications such as CoinDesk, CryptoSlate, and Bitcoin Magazine. John’s articles are renowned for their thorough research, clear explanations, and practical insights, making them a reliable source of information for readers interested in cryptocurrency. He actively follows industry trends and developments, regularly participating in blockchain conferences and webinars. With a strong reputation for expertise, authoritativeness, and trustworthiness, John Darbie continues to provide high-quality content that helps individuals and businesses navigate the evolving world of digital assets.