Ethereum recovered above $3,400 and $3,500 against the US Dollar. ETH price is struggling near $3,600 and it might start a fresh decline.
Ethereum recovered losses after a sharp decline to $2,900.
The price is still trading well below $3,600 and the 100 hourly simple moving average.
There was a break above a key bearish trend line with resistance near $3,500 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh decline unless there is a clear break above $3,600.
Ethereum Price is Facing Resistance
Ethereum declined heavily below $3,500 and $3,200. ETH even broke the $3,000 support and settled below the 100 hourly simple moving average, similar to bitcoin. It traded as low as $2,900 before starting an upside correction.
There was a break above the $3,300 and $3,400 resistance levels. The price even climbed above the $3,500 resistance zone. There was a break above a key bearish trend line with resistance near $3,500 on the hourly chart of ETH/USD.
However, the bears seem to be defending the $3,600 zone. A high is formed near $3,561 and the price is slowly moving lower. Ether is now trading well below $3,600 and the 100 hourly simple moving average.
There was also a break below the 23.6% Fib retracement level of the recent wave from the $3,218 swing low to $3,561 high. The price is now testing the same broke trend line at $3,440. An immediate resistance on the upside is near the $3,500 level.
Source: ETHUSD on TradingView.com
The first major resistance is near the $3,560 level. A proper move above the $3,560 level and $3,600 could increase the chances of a steady increase. The next major resistance sits near $3,680.
More Losses in ETH?
If ethereum fails to continue higher above the $3,500 and $3,560 resistance levels, it could start another downward move. An immediate support on the downside is near the $3,400 level.
The next major support is now forming near the $3,380 zone. It is near the 50% Fib retracement level of the recent wave from the $3,218 swing low to $3,561 high. The main support is near $3,335, below which the price could test the $3,200 zone.
Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $3,380
Major Resistance Level – $3,560
I’m a highly experienced and successful crypto author with over 10 years of experience in the industry. I have written for some of the biggest names in the space, and my work has been featured in major publications such as Bloomberg, Forbes, and The Wall Street Journal. I am a sought-after speaker and commentator on all things crypto, and my work is widely respected by my peers. If you’re looking for someone who can provide insights and analysis on the latest developments in the world of cryptocurrencies, you can contact me.
2 thoughts on “Ethereum Stuck Below $3,600, Why Bears Might Aim Fresh Drop”
Comments are closed.