The Ethereum price didn’t manage to surpass the $3,450 barrier and instead suffered further losses. Ethereum seems to be facing difficulties and may potentially fall further if it remains below $3,500.
- Ethereum started a fresh decline from the $3,450 zone.
- The price is trading below $3,400 and the 100-hourly Simple Moving Average.
- There is a connecting bearish trend line forming with resistance at $3,340 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could struggle to start a fresh increase above the $3,400 resistance level.
Ethereum Price Extend Losses
The cost of Ethereum didn’t manage to rise beyond the $3,500 mark, instead, it continued to fall alongside Bitcoin. Ethereum dropped below the $3,450 and $3,400 price points that previously acted as its support.
The price of ETH dropped significantly below $3,350 and $3,320, reaching a new low at $3,213. Currently, it’s hovering just under the 23.6% Fibonacci retracement level from the recent peak at $3,743 to its trough at $3,213. Additionally, a bearish trend line is forming on the hourly chart of ETH/USD, with potential resistance at $3,340.
Currently, Ethereum’s price is dipping under $3,400 and below its 100-hour moving average. Looking at potential upward movement, there appear to be obstacles for the price around $3,350 and also at the established trendline.
Approaching the first significant hurdle around $3,475, which coincides with the 50% Fibonacci retracement point from the price swing high of $3,743 to the low at $3,213. The primary barrier is currently taking shape near $3,500. A decisive break above this $3,500 threshold could potentially push the price further upwards towards the resistance at $3,550.
As a researcher, I’m observing a potential bullish scenario where Ethereum may surpass its current resistance at $3,550. If this happens, we might witness further growth in the upcoming sessions. Under these circumstances, Ethereum could potentially reach the resistance zone around $3,650 or even aim higher towards $3,720 in the short term.
More Losses In ETH?
If Ethereum doesn’t manage to surpass the $3,400 threshold, there might be a potential for another drop. A possible initial floor can be found around $3,280. The primary significant support lies close to $3,220.
If the price falls significantly below $3,220, it could potentially drop to the $3,150 support. Further declines might lead to the $3,050 support in the short term. The critical level to watch for is $3,000.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $3,250
Major Resistance Level – $3,400
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2025-01-09 06:40