Shortly after Bitcoin experienced a sudden drop below $69,000, Ethereum also faced a rapid decline in its price. Despite showing a strong performance above $3,550 recently, Ethereum's upward momentum has been affected by Bitcoin's fall. The current price is below $3,550 and the 100-hour Simple Moving Average, with resistance around the $3,550 zone.
In order for Ethereum to continue its recovery, breaking through the $3,600 resistance level is crucial. Failure to overcome this resistance could lead to a downward trend starting again. The immediate resistance levels to watch are $3,630, $3,650, and $3,680, with a breakout above $3,680 signaling a potential uptrend for Ethereum.
On the downside, if Ethereum fails to break the $3,600 resistance, the first support levels are at $3,500 and $3,475, with a more significant support at $3,450. Technical indicators show that the hourly MACD for ETH/USD is still bullish but losing momentum, while the RSI is below the 50 level, indicating potential selling pressure.
Despite the recent drop in price, Ethereum has tested levels below $3,500 multiple times recently, suggesting a possible swift recovery in the near future.
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