Ethereum
price
failed
to
clear
the
$3,720
resistance.
ETH
declined
again
and
is
now
at
risk
of
more
losses
below
the
$3,550
support
zone.

• Ethereum
  started
  a
  fresh
  decline
  from
  the
  $3,720
  resistance
  zone.
• The
  price
  is
  trading
  below
  $3,650
  and
  the
  100-hourly
  Simple
  Moving
  Average.
• There
  is
  a
  key
  bearish
  trend
  line
  forming
  with
  resistance
  near
  $3,680
  on
  the
  hourly
  chart
  of
  ETH/USD
  (data
  feed
  via
  Kraken).
• The
  pair
  could
  extend
  losses
  if
  there
  is
  a
  close
  below
  the
  $3,550
  support.

Ethereum
Price
Dips
Again

Ethereum
price
attempted
a
decent
increase
above
the

$3,650
resistance
zone.
ETH
even
spiked
above
$3,700
but
the
bears
were
active.
A
high
was
formed
at
$3,710
and
the
price
started
a
fresh
decline.
There
was
a
sharp
decline
below
the
$3,660
and
$3,650
levels.

 

A
low
was
formed
near
$3,565
and
the
price
is
now
consolidating
losses,
like

Bitcoin.
Ethereum
is
now
trading
below
$3,650
and
the
100-hourly
Simple
Moving
Average.

If
there
is
a
fresh
increase
or
a
recovery
wave,
the
price
might
face
resistance
near
the
23.6%
Fib
retracement
level
of
the
downward
move
from
the
$3,710
swing
high
to
the
$3,565
low.
The
first
major
resistance
is
near
the
$3,640
level.

There
is
also
a
key
bearish
trend
line
forming
with
resistance
near
$3,680
on
the
hourly
chart
of
ETH/USD.
The
trend
line
is
close
to
the
61.8%
Fib
retracement
level
of
the
downward
move
from
the
$3,710
swing
high
to
the
$3,565
low.

An
upside
break
above
the
$3,680
resistance
might
send
the
price
higher.
The
next
key
resistance
sits
at
$3,720,
above
which
the
price
might
gain
traction
and
rise
toward
the
$3,750
level.
If
the
bulls
push
Ether
above
the
$3,750
level,
the
price
might
rise
and
test
the
$3,800
resistance.
Any
more
gains
could
send
Ether
toward
the
$3,880
resistance
zone.

More
Losses
In
ETH?

If
Ethereum
fails
to
clear
the
$3,650
resistance,
it
could
continue
to
move
down.
Initial
support
on
the
downside
is
near
$3,550.
The
next
major
support
is
near
the
$3,520
zone.

 

The
main
support
sits
at
$3,500.
A
clear
move
below
the
$3,500
support
might
push
the
price
toward
$3,320.
Any
more
losses
might
send
the
price
toward
the
$3,250
level
in
the
near
term.

Technical
Indicators

Hourly
MACD

–
The
MACD
for
ETH/USD
is
gaining
momentum
in
the
bearish
zone.

Hourly
RSI

–
The
RSI
for
ETH/USD
is
now
below
the
50
zone.

Major
Support
Level
–
$3,550

Major
Resistance
Level
–
$3,650

Go to Source
Author: Aayush Jindal

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