Ethereum Price Dips Below Key Support Levels: ETH Risks Continued Decline

  • Ethereum’s price faced a critical rejection at the $3,720 resistance level.
  • The current trading position is below $3,650, aligned with the 100-hourly Simple Moving Average.
  • An important bearish trend line is forming, with resistance around $3,680 per the ETH/USD hourly chart, based on Kraken data.
  • A close below the $3,550 support level could lead to further declines.

Ethereum price struggles to maintain gains, with potential risks of significant losses below critical support levels. Stay informed with detailed analysis and projections.

Ethereum Faces Renewed Selling Pressure

After climbing above the $3,650 level, Ethereum attempted to breach the $3,700 mark but encountered substantial resistance. Bearish forces pushed ETH back down, resulting in a fresh low around $3,565. The cryptocurrency is now consolidating losses while trading below $3,650 and the 100-hourly Simple Moving Average.

Assessing Resistance Levels

Should Ethereum experience a new recovery attempt, it is likely to meet hurdles at the 23.6% Fib retracement level of the recent downturn from the $3,710 high to the $3,565 low. The first considerable resistance stands at approximately $3,640.

The bearish trend line around $3,680 forms another significant barrier, closely matching the 61.8% Fib retracement from the same downward move. An upwards breakout of $3,680 could pave the way for a rise towards $3,720 and potentially $3,750.

Downside Risks for Ethereum

Failure to overcome the $3,650 resistance might drive Ethereum further down. Immediate support lies near $3,550, with the next key support zone around $3,520. Should the price slide below $3,500, it could tumble towards $3,320, with further declines potentially reaching $3,250.

Conclusion

In summary, Ethereum’s immediate outlook appears bearish unless it recovers above critical resistance levels. Investors should monitor support at $3,550 and prepare for possible declines if bearish momentum persists. Ethereum’s price action in the coming days will likely determine its medium-term trend.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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