Ethereum Price Analysis: Struggles Below Key Resistance Levels

Ethereum faced challenges in surpassing the $3,650 barrier and initiated another downtrend, raising concerns about potential dips under the $3,420 mark.

• Ethereum recently experienced a decline below the critical $3,550 support region.
• Currently, the price hovers under $3,540 and the 100-hourly Simple Moving Average.
• Observing the hourly ETH/USD chart from Kraken, a significant bearish trend line emerges with resistance around $3,550.
• Failure to breach the $3,550 resistance area could lead to further declines.

Ethereum Price Struggle Continues

The Ethereum price struggled to rally beyond the $3,550 and $3,580 resistance levels, mirroring Bitcoin's trend. Despite attempts, ETH maintained a bearish stance in the short term, sliding below $3,500.

After dropping below $3,450, the price found a temporary bottom at $3,428 and is now consolidating these losses.

A minor upturn occurred above the 23.6% Fibonacci retracement level following the recent decline from $3,655 to $3,428.

Ethereum persists below $3,550 and the 100-hourly Simple Moving Average, accompanied by a critical bearish trend line with resistance near $3,550 on the hourly ETH/USD chart.

In case of an upward movement, the price may encounter barriers around $3,540 and the 50% Fibonacci retracement level of the recent downtrend from $3,655 to $3,428.

The primary hurdle lies at $3,550 along with the trend line; breaching this resistance could propel the price higher. Subsequent major resistance stands at $3,650, potentially setting the stage for further ascents towards $3,720.

A notable breakthrough above $3,720 might steer Ether towards the $3,800 resistance level, with additional gains aiming for the $3,880 zone.

Potential Downsides in ETH?

If Ethereum fails to surpass the $3,550 resistance, further downward movements may ensue. Initial support rests near $3,420.

A decisive breach below the $3,420 support could drive the price towards $3,350, with extended losses potentially pushing it down to $3,250 in the foreseeable future.

Technical Indicators

• Hourly MACD: Shows waning momentum in the bearish region for ETH/USD.

• Hourly RSI: Currently below the 50 zone for ETH/USD.

• Major Support Level: $3,420

• Major Resistance Level: $3,550