Recently, the Ethereum price attempted to recover above the $3,650 resistance level but failed to do so. The price declined below $3,550 and is now showing bearish signs below $3,600. The downward trend seems to be continuing as Ethereum started a fresh decline below the $3,550 support zone. The price is currently trading below $3,550 and the 100-hourly Simple Moving Average, indicating a negative sentiment in the market.
There is a key bearish trend line forming with resistance near $3,650 on the hourly chart of ETH/USD, which suggests that the price may struggle to break above this level. If Ethereum fails to clear the $3,650 resistance, it could continue to move down. The first major resistance is near the $3,570 level, followed by the $3,720 level. A clear move above these resistance levels might indicate a potential bullish scenario for Ethereum.
On the downside, initial support is near $3,475, with the next major support level near the $3,430 zone. A clear move below the $3,430 support could push the price further down towards $3,320. Any additional losses might send the price towards the $3,250 level in the near term, signifying a bearish outlook for Ethereum.
The Hourly MACD for ETH/USD is losing momentum in the bearish zone, while the Hourly RSI is now below the 50 zone, indicating a decrease in buying pressure. These technical indicators suggest that Ethereum may face further downward pressure in the short term.
Overall, the current price trend of Ethereum shows a struggle to recover above key resistance levels, with bearish signs prevailing below $3,600. The inability to break above resistance levels could lead to continued downward movement towards major support levels. Traders and investors should closely monitor the price action and technical indicators to make informed decisions about their Ethereum holdings in the current market conditions.
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