Ethereum Price Downward Drift: Decline Resumes Again

As a researcher with extensive experience in cryptocurrency markets and technical analysis, I have closely monitored Ethereum’s recent price movements. The Ethereum price failed to break above the resistance at $3,720, leading to another decline towards the $3,550 support zone.

The Ethereum price was unable to surpass the $3,720 mark for resistance. Consequently, Ethereum dropped once more and is currently facing potential further declines beneath the $3,550 support level.

    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

The price of Ethereum made a noteworthy attempt to climb above the $3,650 resistance point. It even surged past $3,700 momentarily, but sellers stepped in with renewed vigor. A new peak was reached at $3,710, but this marked the beginning of a downward trend. The price plummeted significantly below both the $3,660 and $3,650 support levels.

Near the $3,565 mark, a trough emerged in Ethereum’s price chart, and currently, it’s hovering around this level as it recoups some of its losses, similar to Bitcoin‘s trend. At present, Ethereum is priced below the $3,650 threshold and falls short of the 100-hour Simple Moving Average.

As a researcher studying market trends, I’ve observed that following a fresh price increase or recovery wave, there’s often resistance around the 23.6% Fibonacci retracement level of the previous downward move. In this case, that would be around the $3,640 mark based on the price swing from the high of $3,710 to the low of $3,565.

As a crypto investor, I’ve noticed an ominous development in the hourly chart of ETH/USD. A bearish trend line is shaping up with resistance around the $3,680 mark. This trend line isn’t far off from the 61.8% Fibonacci retracement level, which marks a significant point in the downward move from the $3,710 peak to the $3,565 trough.

Ethereum Price Downward Drift: Decline Resumes Again

Breaking above the $3,680 barrier could propel Ethereum’s price upward. The following significant resistance lies at $3,720, surpassing which might provide Ethereum with momentum to advance towards $3,750. Should Ethereum manage to climb past $3,750, it may continue its upward trajectory and encounter the $3,800 resistance level. Further gains could potentially push Ethereum toward the resistance zone of $3,880.

More Losses In ETH?

As a crypto investor, if Ethereum doesn’t manage to break above the $3,650 resistance, it might continue its descent instead. The initial support for Ethereum lies around $3,550. Should we see further declines, the next significant support can be found near the $3,520 area.

The price is currently holding steady around $3,500, acting as a significant support level. Should the price fall significantly below this mark, it could potentially trigger further declines towards $3,320. Any additional losses might cause the price to slide downwards towards the nearby resistance at $3,250.

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 07:52