Ethereum price recently faced resistance at the $3,720 level, leading to another decline in price. The current situation has put ETH at risk of further losses below the $3,550 support zone. This resistance level has proven to be a significant challenge for Ethereum in terms of price movement.
The hourly MACD for ETH/USD is showing momentum in the bearish zone, indicating a potential downward trend in price. Additionally, the hourly RSI is now below the 50 zone, signaling a bearish sentiment in the market. These technical indicators suggest that Ethereum may face further challenges in the near future.
After attempting to increase above the $3,650 resistance zone, Ethereum saw a spike above $3,700 before facing a sharp decline. The price dropped below $3,660 and $3,650 levels, ultimately forming a low near $3,565. Currently, Ethereum is consolidating its losses, similar to Bitcoin’s price movement.
In the event of a price increase or recovery wave, Ethereum may encounter 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 level is around $3,640, followed by a key bearish trend line with resistance near $3,680 on the hourly chart of ETH/USD.
If Ethereum fails to clear the $3,650 resistance, it could continue to move down towards initial support near $3,550. The next major support level is around the $3,520 zone, with the main support resting at $3,500. A clear break below the $3,500 support might indicate a further decline in price towards $3,320.
An upside break above the $3,680 resistance level could potentially push the price higher towards $3,720. If the bulls manage to surpass this level, Ethereum could gain traction and rise towards $3,750. Further gains may lead the price towards the $3,800 resistance, with the possibility of reaching the $3,880 zone.
Overall, the current state of Ethereum price analysis indicates a challenging scenario with resistance levels hindering upward movement. Further declines are possible if key support levels are broken, while potential resistance levels provide insights into possible price movement in the near future.
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