Ethereum price has encountered resistance around the $3,650 mark, leading to a decline post the Fed decision. Currently, the price displays bearish signals below $3,550, hinting at a downward trend.
The ongoing decline has breached the $3,580 support area, pushing the price below $3,550 and the 100-hourly Simple Moving Average. A significant bearish trend line is forming with resistance at approximately $3,610 on the ETH/USD hourly chart sourced from Kraken. Sustained trading below the $3,600 resistance region could further exacerbate losses.
Despite a brief attempt to rally above $3,550 and $3,580, Ethereum fell short of solidifying a position above $3,650 and entered a fresh downturn. As observed with Bitcoin, the price steadily dropped below $3,580.
The current scenario sees Ethereum below $3,550 and the 100-hourly Simple Moving Average, with a prevailing bearish trend line nearing $3,610. A potential uptick might encounter hindrances near the $3,580 level, with significant obstacles at $3,600 and above at $3,650, paving the way for a move towards $3,720.
A breakthrough above $3,720 could signal a test of the $3,800 resistance, potentially leading Ether towards the $3,880 zone. Failure to surpass the $3,600 resistance could extend the downward movement, with initial support found at $3,480 and subsequent levels near $3,420 and $3,320 in the event of further declines.
Technical indicators such as the MACD and RSI for ETH/USD suggest a bearish bias, with the RSI below the 50 mark. The major support level stands at $3,420, while resistance looms at $3,600. Stay tuned for further price action developments in the Ethereum market.
