Ethereum Plunges 5%, Can Buyers Save The Key $3.5K Support

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.

Ethereum Price

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 MACDIn the bearish zone, the MACD of ETH/USD has been losing momentum.

Hourly RSIThe RSI is close to 30 for USD/ETH.

Major Support Level – $3,600

Major Resistance Level – $3,715

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