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.
Source: TradingView.com, 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 MACD – In the bearish zone, the MACD for USD/ETH is currently moving at a faster pace.
Hourly RSI – The RSI is at the oversold area for ETH/USD.
Major Support Level – $3,400
Major Resistance Level – $3,550