Ethereum experienced bearish momentum under the $3720 support level against the US dollar. ETH prices reached $3,600. They are currently struggling to rebound higher.
- Ethereum began a significant decline below the levels of $3,850 or $3,750 support.
- The 100-hourly simple moving average and price are below $3800.
- On the hourly chart for ETH/USD, there is a bearish trendline that forms with resistance at $3715 (data feed via Kraken).
- For the short term, it is important that the couple does not exceed $3,500 in order to prevent more negative outcomes.
Ethereum’s Price Continues to Decline
Ethereum fell below the $3,880 support level and failed to trade above $3,850. ETH traded lower than the crucial $3,750 support level and continued its decline.
The price fell below $3,700 and settled below the simple 100-hour moving average. The price traded at $3,602 as it is consolidating its losses. The $3,655 mark is the immediate resistance.
The 23.6% Fib level is close to the decline from $3,827 high to $3.602 low. It is close to the $3715 level of resistance.
A key bearish trendline is also visible on the hourly chart. It shows resistance close to $3,715 for Ethereum/USD. This trend line lies close to 50% Fib Retracement of the decline from $3,827 high to $3.602 low. The price should clear the $3715 resistance in order to begin a reasonable recovery.
Source: TradingView.com ETHUSD
The price of the above mentioned case could reach the $3,850 or 100-hourly simple moving average levels. The price could rise to $4,000 if there are more gains.
There are more downsides to ETH
It could fall further if ethereum does not start an increase above $3,715. A support level near $3,600 or the most recent low is the first to the downside.
Near the $3.550 and $3.500 levels, we see the formation of the first important support. The bulls could feel a significant amount of pressure if they fall below the $3.550 or $3.500 levels. The price may fall towards the $3,000. support level in the short term.
Technical Indicators
Hourly MACD – In the bearish zone, the MACD of ETH/USD has been losing momentum.
Hourly RSI – The RSI is close to 30 for USD/ETH.
Major Support Level – $3,600
Major Resistance Level – $3,715
