The cryptocurrency market, known for its volatility, has recently seen Ethereum (ETH) at the center of major price fluctuations. The decline in Bitcoin prices has also had a significant impact on Ethereum. Challenges arise as Ethereum fails to surpass the $3,650 resistance level, causing concern among investors.

Ethereum Faces Resistance

Ethereum has faced rejection at the $3,650 resistance level, leading to a drop below $3,550. The price fell further below $3,500 and $3,450, testing the $3,320 support level. Despite showing signs of recovery from this support, trading below $3,500 and the 100-hour Simple Moving Average presents obstacles for upward movement.

Key Resistances to Overcome

Key resistances for Ethereum include $3,400 and $3,420, followed by the significant barrier at $3,450. Surpassing the $3,650 resistance would be a notable achievement, potentially pushing ETH towards $3,720 and beyond to $3,880 for further gains.

Short-Term Outlook

The short-term outlook for Ethereum is uncertain. Failure to break the $3,420 resistance could result in a continuation of the downward trend. Support levels at $3,320, $3,250, and $3,220 are crucial, and breaching these levels may lead to further price declines, possibly reaching as low as $3,120 or $3,040.

Support and Resistance Levels

Technical indicators suggest a bearish trend for ETH, with the MACD and RSI signaling potential downward continuation. Breaking below the $3,320 support level could trigger more declines, while surpassing the $3,420 resistance level might offer a chance for market recovery.