Ethereum price experienced a significant decline recently, testing the $3,580 support zone before starting a recovery. However, the cryptocurrency is now facing several hurdles near the $3,740 zone. Despite climbing above the $3,660 resistance, ETH is currently trading below $3,750 and the 100-hourly Simple Moving Average.
A key bearish trend line is forming with resistance near $3,740 on the hourly chart of ETH/USD via Kraken. The pair could potentially start a fresh upward move unless there is a close below the $3,640 support level. Ethereum price is currently facing resistance and struggling to break above the $3,740 level.
In the event of another increase, ETH might face resistance near the $3,700 level, with the first major resistance sitting at $3,740. A break above this level could potentially send the price higher, towards the $3,800 level and possibly even up to $4,000. On the other hand, if Ethereum fails to clear the $3,740 resistance, it could continue its downward movement towards the $3,660 and $3,640 support levels.
If the price moves further down, the main support sits at $3,580. A clear move below this level might push the price towards $3,500 and potentially down to the $3,450 level in the near term. The hourly MACD for ETH/USD is gaining momentum in the bearish zone, while the hourly RSI is now below the 50 zone.
In conclusion, Ethereum price is currently facing resistance near the $3,740 level and is struggling to break above it. The cryptocurrency could potentially face further downward movement if it fails to clear this resistance, with key support levels at $3,660 and $3,640. The technical indicators suggest a bearish trend in the short term, with potential for further declines towards the $3,500 level. It remains to be seen how Ethereum price will react in the coming days and whether it can overcome the current hurdles to move higher.
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