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Ethereum price found support near the $3,400 zone and recovered. ETH is struggling to settle above $3,700 and might dip once again.
- Ethereum started a fresh increase above the $3,440 and $3,500 levels.
- The price is trading below $3,620 and the 100-hourly Simple Moving Average.
- There was a break below a key bullish trend line with support at $3,620 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase if it remains supported above the $3,500 zone in the near term.
Ethereum Price Dips Below $3,600
Ethereum price started a fresh increase from the $3,365 support zone, beating Bitcoin. ETH price was able to recover above the $3,400 and $3,500 resistance levels.
There was a move above the 50% Fib retracement level of the downward move from the $3,877 swing high to the $3,369 low. The bulls even pushed the price above the $3,700 resistance zone. However, the bears remained active near the $3,750 zone.
The 61.8% Fib retracement level of the downward move from the $3,877 swing high to the $3,369 low acted as a resistance. The price started another decline below $3,700. There was a break below a key bullish trend line with support at $3,620 on the hourly chart of ETH/USD.
Ethereum price is now trading below $3,600 and the 100-hourly Simple Moving Average. On the upside, the price could face resistance near the $3,620 level. The next key resistance is near the $3,700 level.
The first major resistance is near the $3,750 level. A clear move above the $3,750 resistance might send the price toward the $3,820 resistance. An upside break above the $3,820 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,000 resistance zone or even $4,120 in the near term.
More Losses In ETH?
If Ethereum fails to clear the $3,620 resistance, it could start a fresh decline. Initial support on the downside is near the $3,550 level. The first major support sits near the $3,510 zone.
A clear move below the $3,510 support might push the price toward the $3,420 support. Any more losses might send the price toward the $3,350 support level in the near term. The next key support sits at $3,220.
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 – $3,550
Major Resistance Level – $3,750
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Ready to dive into the world of offensive security? This course gives you the Black Hat hacker’s perspective, teaching you attack techniques to defend against malicious activity. Learn to hack Android and Windows systems, create undetectable malware and ransomware, and even master spoofing techniques. Start your first hack in just one hour!
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