Ethereum’s price has seen a downward trend, falling below $3,500 and showing some bearish signs that suggest a potential drop towards the $3,200 support level.
Key points to note:
– Ethereum has experienced a correction below the $3,550 zone.
– The price is currently below $3,550 and the 100-hourly Simple Moving Average.
– A bearish trend line has formed with resistance at $3,520 on the ETH/USD hourly chart.
– To prevent further decline, the price must stay below the $3,520 and $3,550 resistance levels.
Recent Developments:
– Ethereum’s price correction started below $3,720 and $3,650 levels, following Bitcoin’s lead.
– The decline continued below the $3,550 support level, entering a short-term bearish zone.
– Support levels to watch include $3,365, with consolidation of losses currently taking place.
– Resistance levels to overcome are $3,440, $3,520, and $3,600, potentially leading to a bullish momentum towards $3,825 and even $4,000.
If Ethereum fails to surpass the $3,520 resistance, further downside movement is possible. Key support levels include $3,365, $3,320, and $3,250, with a break below $3,250 potentially leading to a drop towards $3,200 and even $3,150.
Technical Analysis:
– Hourly MACD: Showing bearish momentum for ETH/USD.
– Hourly RSI: Currently below the 50 level for ETH/USD.
– Major Support Level: $3,365
– Major Resistance Level: $3,520
Disclaimer: This information is educational and does not constitute investment advice. Risks are inherent in investing, so conducting thorough research and making informed decisions is recommended. Utilize information provided at your own discretion and risk.
