As an experienced financial analyst, I’ve seen my fair share of market fluctuations, particularly in the cryptocurrency space. With Ethereum’s latest price action, it seems that the resistance at $3,720 has proven to be a significant hurdle yet again. The price decline below $3,650 and the 100-hourly Simple Moving Average is a clear bearish sign.
As a researcher studying Ethereum‘s price movements, I’ve observed that the cryptocurrency was unable to surpass the $3,720 resistance level. Consequently, Ethereum has taken a downturn once more and is currently teetering on the brink of further decreases below the significant support area at $3,550.
- Ethereum started a fresh decline from the $3,720 resistance zone.
The price is trading below $3,650 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance near $3,680 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could extend losses if there is a close below the $3,550 support.
Ethereum Price Dips Again
As an analyst, I’ve observed Ethereum’s price making a notable attempt to surge past the resistance zone of $3,650. The price reached as high as $3,710 before bears took over. Subsequently, a sharp decline ensued, with the price falling below key support levels at $3,660 and $3,650.
As a researcher studying the cryptocurrency market, I’ve noticed that Ethereum recently formed a low around the price of $3,565. Currently, the price is in the process of consolidating losses in comparison to Bitcoin. At the moment, Ethereum is trading under the $3,650 mark and below the 100-hour Simple Moving Average.
If there’s a new surge or bounce in price action, it may encounter resistance around the 23.6% Fibonacci retracement mark of the decline from the $3,710 peak to the $3,565 trough. The initial barrier to surmount is located at the $3,640 price point.
On the hourly chart of ETH/USD, there’s another bearish trendline taking shape with resistance around $3,680. This trendline is not far off from the 61.8% Fibonacci retracement level – a significant level of potential price reversal – in the downward trend from the $3,710 peak to the $3,565 trough.
Breaking above the $3,680 barrier could propel Ethereum’s price upward. The next significant resistance lies at $3,720, surmounting which could give Ethereum the momentum to advance towards $3,750. If Ethereum manages to breach the $3,750 mark, it may continue climbing and encounter resistance around $3,800. Overcoming this hurdle might push Ethereum’s price further up to challenge the $3,880 resistance area.
More Losses In ETH?
Should Ethereum be unable to surpass the $3,650 barrier, there’s a possibility it may head lower. A initial floor for Ethereum lies around $3,550. Notably, significant support can be found in the vicinity of $3,520.
If the price holds steady around $3,500, this level serves as significant support. A drop below $3,500 could potentially lead the price down to $3,320. Further losses might cause the price to approach $3,250 in the short term.
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 – $3,550
Major Resistance Level – $3,650
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2024-06-11 09:58