Ethereum has failed to clear the 3,650 resistance against the US dollar. The ETH price is declining and it could fall below $ 3,450 in the near term.
- Ethereum has struggled to gain strength above the $ 3,600 and $ 3,620 levels.
- The price is now trading below the সর 3,550 and 100 hour simple moving average.
- The ETH / USD (data feed via Kraken) has a key bearish channel with resistance around $ 3,550 per hour chart.
- The pair could move towards 3,350 if the $ 3,550 resistance zone is not broken.
Ethereum faces price constraints
Ethereum failed to sit above the $ 3,600 pivot level. ETH has formed a high near 3,620 and has started a negative correction. There was support at $ 3,550 and a break below the simple simple average of 100 hours.
The price even broke the 50% Fib retracement level of the upward move, from $ 3,375 swing low to $ 3,620 high. Ether is now trading below the 3,520 level, and it is now consolidating near the 3,500 level. The initial support on the negative side is near the $ 3,480 level.
Immediate upward is an instantaneous resistance near the $ 3,635 level and the 100 hour SMA. The first major resistance is near the $ 3,550 level. ETH / USD also has a key bearish channel with resistance near $ 3,550 on the hourly chart.
Source: ETHUSD at TradingView.com
The next major resistance is near the $ 3,560 level, above which the price may start a new geopolitical. In the case described, the price could rise to the 3,620 level. The next key resistance could be 3,650.
Dips Ltd. at ETH?
If Etherium fails to move above the resistance levels of $ 3,550 and 3,560, it could extend its fall. The initial support on the negative side is near the $ 3,480 level. The first key support is now forming near the 3,450 level.
It is .8 upwards .81 .%% Fib retracement level near 8 3, sw swing low to $ 6,2020 high. A negative break could move the price towards the জো 3,400 support zone in the near term. And any damage could push Ether’s price to the $ 3,375 support zone. The next key support could be $ 3,300.
MACD per hour – ETH / USD’s MACD is gaining momentum in the bearish zone.
RSI per hour – The ETH / USD RSI is now below the 50 level.
Main support level – $ 3,440
The main resistance level – $ 3,550