Ethereum has faced resistance at $3,720 and is now at risk of further losses if it fails to hold above the $3,550 support zone. The cryptocurrency started a fresh decline from the $3,720 resistance and is currently trading below the $3,650 level and the 100-hourly Simple Moving Average. A bearish trend line is forming with resistance near $3,680 on the hourly chart of ETH/USD. If Ethereum fails to clear the $3,650 resistance, it could see more losses with initial support at $3,550, followed by major support at $3,520.
After attempting to break above the $3,650 resistance zone, Ethereum spiked to $3,710 before starting a new decline. The price dropped sharply below $3,660 and $3,650 levels, reaching a low of $3,565. Ethereum is currently consolidating losses below $3,650 and the 100-hourly Simple Moving Average. If there is a recovery wave, the price may face resistance near $3,640 and $3,680 levels, with the potential for further gains if it breaks above $3,680 and $3,720 resistance levels.
An upside break above the $3,680 resistance could propel Ethereum towards $3,720 and potentially higher towards $3,750 and $3,800 levels. However, if the price fails to clear the $3,650 resistance and continues to move downwards, the next support levels are at $3,550, $3,520, and $3,500. A clear move below $3,500 could lead to further losses towards $3,320 and $3,250 in the near term. The hourly MACD for ETH/USD is showing bearish momentum, while the hourly RSI is below the 50 zone, indicating a potential downtrend.
Overall, Ethereum’s price is currently facing resistance at key levels and is at risk of further losses if it fails to hold above crucial support levels. Traders and investors should pay close attention to the $3,550 and $3,650 levels as they could determine the future direction of Ethereum’s price movement. Technical indicators suggest a bearish outlook in the short term, with a potential for more losses if key support levels are breached. Keep an eye on the $3,680 resistance level for a possible trend reversal and bullish momentum in Ethereum’s price.
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