Ethereum, a major player in the cryptocurrency market, recently experienced a stumble in its bullish journey as its price fell short of surpassing the $3,520 mark. The cryptocurrency is now demonstrating potential signs of bearish movement and struggling to hold firm at the $3,400 support zone. This latest downward correction initiated when the Ethereum price was unable to break through the $3,520 area.
Currently, Ethereum is trading at a value less than $3,400, with a key bearish trend line forming on the ETH/USD hourly chart. The resistance is forming near the $3,410 mark, indicating potential risks for Ethereum heading towards a further decline below the $3,350 support zone.
Ethereum’s trajectory took a turn for the worse when it could not surpass the $3,520 and $3,550 resistance levels. After reaching a peak near the $3,520 point, the cryptocurrency faced a fresh decline, encountering a sharp drop below the $3,450 and $3,420 support levels. There was also a downward shift beneath the 50% Fib retracement level of the upward wave, ranging from $3,351 to $3,516.
Importantly, Ethereum is not only negotiating a price below $3,400 but also grappling with a less than 100-hourly Simple Moving Average. Adding to this predicament, it is also hovering below the 76.4% Fib retracement level of the height of the upward wave from $3,351 to $3,516.
Possible resistance lies ahead for Ethereum on its potential path to recovery. It seems that ascending beyond the $3,400 level may be an uphill battle, indicated by the key bearish trend line formed with the resistance at around the $3,410 mark. Beyond this, the first significant resistance lies around the $3,435 level.
More resistance levels lay in Ethereum’s path to recovery with the next significant uphill battle poised at the $3,465 level. If Ethereum manages to close above this leveled hurdle, it might surge brushing against the $3,520 level. A successful breach of the $3,550 resistance could catapult the cryptocurrency’s price further skyward, potentially even nudging it toward the $3,650 resistance zone.
However, if Ethereum fails to surpass the $3,410 resistance, the cryptocurrency might face a downward trend. Initial hurdles are predicted near the $3,365 level, leading to a more substantial support zone located around the $3,350 mark. Any further decline below this significant support might prompt a price plunge towards $3,250. Any additional losses could potentially plummet the cryptocurrency’s price toward $3,120 in the near future.
Technical indicators such as the MACD for ETH/USD gaining momentum in the bearish zone and the RSI for ETH/USD below the 50 zone further reinforce the potential for losses in Ethereum’s future. Consequently, Ethereum’s significant support and resistance levels are presently estimated at $3,350 and $3,435, respectively.
