Ethereum's price attempted to surpass the $3,720 resistance level but faced a decline, posing a risk of further losses below $3,550 support. It started a fresh downward trend from the resistance zone, now trading under $3,650 and the 100-hourly Simple Moving Average. A bearish trend line is forming with resistance near $3,680 on the hourly chart of ETH/USD. The price may extend losses upon breaching the $3,550 support. Like Bitcoin, Ethereum saw a decline after testing the $3,710 high, dropping below $3,660 and $3,650. With a recent low near $3,565, Ethereum is experiencing consolidation below $3,650 and the 100-hourly Simple Moving Average. Any recovery faces resistance levels near $3,640 and $3,680. An upward move beyond $3,680 could lead to further gains towards $3,720 and beyond. However, failure to surpass the $3,650 resistance may result in a continued downtrend, with initial support at $3,550 and major support near $3,520. Technical indicators show a bearish trend with MACD gaining momentum in the bearish zone and RSI below the 50 level. The key support level is $3,550, while resistance is at $3,650.