Ethereum Drop 10% on the Day, and it’s Vulnerable For Bigger Decline

Ethereum dropped below the $3.680 support level against the US Dollar. The ETH market is in a downward trend and the risk is that it will move to the $3,000.

  • Ethereum experienced a further decline starting at the $3750 resistance zone.
  • The 100-hourly simple moving average and price are below $3,550.
  • A break was seen below a crucial contracting triangle, with support close to $3,800 in the hourly chart of Ethereum/USD (data feed via Kraken).
  • There is still a chance that the pair will experience a bigger decline than $3,400.

Ethereum price has more downsides

Ethereum fell below the $3,850 resistance and began a steep decline. ETH dropped below the $3.750 support level and entered a bearish zone.

A break was also observed below the key contracting triangle, with support at $3,800 in an hourly chart for ETH/USD. Close below the level of $3,600 and the simple 100-hour moving average. Even lower than the $3,500 price level was pushed by bears.

Near $3,411 was the lowest price and it is struggling to rebound. The Ether price currently trades below the $3,550 level and the simple 100-hour moving average. The $3,500 mark is the immediate resistance. The 23.6% Fib level is the retracement point of the downward movement from the $3.847 swing high and low to the $3.411 low.

It is close to the $3630 level. The 50% Fib Retracement Level of the Downward Move from the $3.847 swing high or low to $3.411 is within reach.

Ethereum Price

Source:, ETHUSD

Potentially, a clear uptrend above the $3630 level will trigger a significant recovery wave. Gains above the $3,630 level could lead to a further rise in the price. Next is the $3,750 area and the 100-hourly simple moving average.

What Are the Losses of ETH More?

It could move lower if ethereum does not start an increase above $3,550. The initial support for the downside is at the $3,420 level.

Near the $3,400 mark is the first support. In the short term, a downside breakout below the $3,000.00 level could lead to the key support of $3,320. Next major support will be at the $3,000.

Technical Indicators

Hourly MACDIn the bearish zone, the MACD for USD/ETH is currently moving at a faster pace.

Hourly RSIThe RSI is at the oversold area for ETH/USD.

Major Support Level – $3,400

Major Resistance Level – $3,550

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