Ethereum

Ethereum price pares gains as Bitcoin crisis drags down crypto market

Published

7 months ago

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Ethereum price struggled to move above the $3,550 resistance and pared its gains. ETH gained bearish momentum alongside Bitcoin and tested the $3,385 zone.

  • Ethereum pares gains from the $3,550 resistance zone.
  • The price is trading below $3,500 and the 100 hourly simple moving average.
  • A key downtrend line is forming with resistance near $3,465 on the ETH/USD hourly chart (data feed via Kraken).
  • The pair could gain bearish momentum if it drops below the $3,385 and $3,350 support levels.

Ethereum price falls further

Ethereum price struggled to initiate a further increase above the $3,550 area. ETH tracked Bitcoin downtrend and the price fell below the $3,500 level. The bears pushed the price below the $3,420 support zone.

A low formed at $3,388 and the price is now consolidating losses. It is struggling near the 23.6% Fibonacci retracement level of the recent decline from the $3,543 high to $3,388 low. There is also a key downtrend line forming with resistance near $3,465 on the ETH/USD hourly chart.

Ethereum is now trading below $3,500 and the 100 hourly simple moving average. On the upside, the price may encounter resistance near the $3,430 level. The first major resistance lies near the $3,465 level and the trendline.

Source: ETHUSD on TradingView.com

The trendline is near the 50% Fibonacci retracement level of the recent decline from the $3,543 high to $3,388 low. The main resistance lies at $3,520 or $3,550. An upside break above the $3,550 resistance could send the price higher. The next key resistance lies at $3,650, above which the price could gain ground and reach the $3,720 level. Any further gains could send Ether towards the $3,880 resistance zone in the coming days.

More disadvantages in ETH?

If Ethereum fails to clear the $3,465 resistance, it could begin a further decline. Initial downside support is near $3,385. The first major support lies near the $3,350 area.

A sharp move below the $3,350 support could push the price towards $3,220. Any further losses could push the price towards the $3,100 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 – $3,350

Major Resistance Level – $3,465

Fuente

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