Ethereum Price Struggles: ETH Falls Below Key Support Level of $3,550

• Ethereum has not managed to break past the $3,650 resistance point, facing repeated declines.
• The cryptocurrency’s price dipped below the $3,550 mark and remains bearish below $3,600.
• Technical analysis shows a bearish trend line at $3,650 on the hourly ETH/USD chart.
• Further losses seem likely if Ethereum continues trading below the $3,650 resistance.

Ethereum’s price struggles to hold ground, facing ongoing resistance at key levels. Will the bearish trend prevail?

Ethereum Price Faces Persistent Challenges

Attempts by Ethereum to initiate a recovery wave have been met with strong resistance, preventing a sustainable upward movement. ETH has continually failed to stabilize above the $3,650 resistance mark, triggering a subsequent decline below $3,600.

The asset dropped beneath the crucial $3,550 support level. This downturn led to a recent low near $3,430, after which Ethereum has been consolidating, similar to Bitcoin. Currently, ETH trades below the $3,550 level and the 100-hourly Simple Moving Average.

Short-Term Corrections and Resistance Points

There has been a minor upward correction, allowing the price to surpass the $3,480 level. It briefly climbed above the 23.6% Fibonacci retracement level for the decline from the $3,710 high to the $3,430 low. However, significant resistance looms at approximately $3,550.

The first substantial resistance level is pegged at $3,570, aligning with the 50% Fibonacci retracement level from the recent slump. Additionally, a key bearish trend line on the hourly chart presents resistance near $3,650. An upside break past this barrier could open the way for gains toward $3,720 and potentially $3,820.

Outlook for Further Declines

If Ethereum cannot breach the $3,550 resistance level, it might face continued downward pressure. Immediate support is observed around $3,475, followed by a more significant support zone near $3,430. A clear drop below $3,430 could direct prices toward $3,320, with further losses possibly extending to $3,250 in the near term.

Conclusion

In summary, Ethereum’s struggle against key resistance levels underscores the bearish sentiment prevailing in the market. Without a decisive move above $3,650, Ethereum risks further declines. Traders and investors should keep an eye on the $3,430 support level for potential shifts in trend and consider the broader impacts on the cryptocurrency market.