Ethereum Price Slips: Slow Descent as Market Pressure Mounts

by

As an experienced financial analyst, I’ve closely monitored Ethereum’s price action and based on the current trend, it appears that ETH is showing bearish signs. The repeated failure to recover above the $3,650 resistance level indicates a lack of bullish momentum. The price has declined below the key support zone at $3,550 and the 100-hourly Simple Moving Average, which is a negative development.

The Ethereum price was unable to surge past the $3,650 mark of resistance. Subsequently, Ether dipped below the $3,550 support once more. Currently, Ethereum exhibits bearish tendencies as it hovers below the $3,600 threshold.

    Ethereum started a fresh decline below the $3,550 support zone.
    The price is trading below $3,550 and the 100-hourly Simple Moving Average.
    There is a key bearish trend line forming with resistance near $3,650 on the hourly chart of ETH/USD (data feed via Kraken).
    The pair could extend losses if it stays below the $3,650 resistance zone.

Ethereum Price Takes Hit

The price of Ethereum made an effort to rebound, yet it lacked the necessary buying power. Ethereum fell short of breaking through the $3,650 resistance and instead initiated another drop. A consistent downtrend emerged as Ethereum dipped below the $3,600 mark.

As a crypto investor, I’ve noticed that Ethereum’s price has dipped below my support level of $3,550. A new low was reached around $3,430, and currently, the price action is showing signs of consolidation as it tries to recover from the recent losses. At the moment, Ethereum is trading beneath not only my preferred support level but also below the 100-hour Simple Moving Average.

I analyzed the price movement and noticed a small adjustment taking place above the $3,480 mark. The value surpassed the 23.6% Fibonacci retracement barrier of the descending trend from the peak at $3,710 to the trough at $3,430. Should there be further advancements, potential resistance may emerge around the $3,550 region.

Near the $3,570 mark, the first significant obstacle is encountered. This level is not far from the 50% mark of the price correction from the peak of $3,710 to the trough of $3,430.

Another interpretation: On the hourly chart of ETH/USD, a bearish trend line is developing, with ETH resisting at roughly $3,650. A breach above this resistance could propel the price upward. The subsequent significant resistance lies around $3,720. If ETH manages to surpass this hurdle, it may gather momentum and head towards the $3,820 mark.

Moving past the $3,820 mark with clarity could lead to a challenge at the $3,920 resistance point. Further growth may propel Ether towards the $4,000 resistance area.

Another Decline In ETH?

Should Ethereum be unable to surpass the $3,550 barrier, there’s a likelihood of further price decreases. A preliminary floor lies around $3,475. The subsequent significant support can be found in the vicinity of $3,430.

As a researcher studying market trends, I would interpret a price drop below the $3,430 support as a significant indicator. This could potentially trigger further losses, pushing the price down to around $3,320. Continued declines might eventually lead us toward the near-term resistance level at $3,250.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $3,430

Major Resistance Level – $3,550

Read More

2024-06-12 12:50