Ethereum Price Falls Again: Is the Decline Gaining Momentum?

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As a seasoned researcher with a knack for deciphering cryptocurrency trends, here’s my take:

Initially, the Ethereum price began a new drop after hitting a resistance at $3,550. Currently, Ethereum appears to be displaying negative tendencies and may potentially fall below the $3,300 mark.

  • Ethereum started a fresh decline from the $3,550 zone.
  • The price is trading below $3,450 and the 100-hourly Simple Moving Average.
  • There was a break below a connecting bullish trend line with support at $3,450 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could gain bearish momentum if it settles below the $3,300 level.

Ethereum Price Dips To Support

The cost of Ethereum had difficulty surging beyond the $3,550 barrier and subsequently began to fall, much like Bitcoin. At this point, Ethereum’s price dipped below the $3,450 and $3,420 support zones.

As a crypto investor, I’ve noticed a significant drop in the price of ETH/USD. We’ve seen a fall below a supportive bullish trend line at around $3,450 on the hourly chart. This decline even took us below the 50% Fibonacci retracement level of the upward wave from the $3,225 swing low to the $3,543 high.

Currently, Ethereum’s price is lower than $3,450 and is also below its 100-hour moving average. It’s currently testing the $3,300 support level and has moved above the 76.4% Fibonacci retracement level of the upward trend that started from the $3,225 low and peaked at $3,543 high.

From a positive perspective, it appears that the price may be encountering obstacles around the $3,380 mark. The initial significant resistance is expected near $3,420, and the primary resistance is currently developing close to $3,500. A decisive break above the $3,500 barrier could potentially drive the price towards the next resistance at $3,550.

If Ether manages to surge past its current resistance at around $3,550, it might indicate further growth in the upcoming trading periods. In this scenario, Ethereum could potentially reach the $3,650 resistance level or even aim for $3,720 in the short term.

More Losses In ETH?

If Ethereum doesn’t manage to surpass the $3,420 barrier, it might keep falling. A potential floor for this decline could be around $3,320. The strongest initial support lies near the $3,300 mark.

Moving below the $3,300 resistance could potentially drive the price down to the nearby $3,250 support. If the price continues to drop, it may reach the $3,220 support level soon. The significant support level lies at $3,110 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 – $3,300

Major Resistance Level – $3,420

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2024-12-27 06:22