The Ethereum price didn’t manage to break through the $3,400 barrier, instead, it experienced further declines. Right now, Ethereum seems to be facing challenges and may potentially drop more if it remains under $3,400.
- Ethereum started a fresh decline from the $3,400 zone.
- The price is trading below $3,350 and the 100-hourly Simple Moving Average.
- There is a connecting bearish trend line forming with resistance at $3,300 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could struggle to start a fresh increase above the $3,300 resistance level.
Ethereum Price Extend Losses
The cost of Ethereum didn’t manage to initiate an upward trend surpassing the $3,400 mark and instead continued to lose value, much like Bitcoin. The price of Ethereum fell below the $3,350 and $3,320 support levels.
The price of ETH dropped significantly below $3,250 and $3,220, reaching a new low at $3,159. Currently, the price is holding steady just below the 23.6% Fibonacci retracement level of the recent downward trend from the peak at $3,742 to the trough at $3,159. Furthermore, an ascending bearish trend line is forming, with resistance at $3,300 on the hourly chart of ETH/USD.
Currently, Ethereum’s trading price has dipped under $3,320 and is also below the 100-hour Simple Moving Average. On the positive side, the price appears to be encountering obstacles around the $3,300 mark as well as the trend line.
As a researcher analyzing market trends, I’ve noticed that a significant resistance point is emerging around the $3,450 mark. This resistance level is not only a psychological barrier but also coincides with the 50% Fibonacci retracement level of the recent decline from the $3,742 swing high to the $3,159 low. Overcoming this resistance at $3,450 could potentially propel the price upward, possibly reaching the $3,500 resistance zone.
If Ether manages to surge past its current resistance at around $3,500, it might indicate further growth in the upcoming trading periods. In this scenario, we might see Ethereum moving towards the $3,550 or even $3,650 resistance levels in the short term.
More Losses In ETH?
As I analyze the current market trends of Ethereum, if it fails to surpass the $3,300 resistance, a potential downturn might ensue. In such a scenario, initial support could be found around the $3,200 mark. However, a more significant level of support can be expected near $3,160.
If the price falls significantly below $3,160, it could potentially drop towards the $3,080 support. Further declines may lead to the $3,050 support level approaching soon. The crucial support lies at $3,000 in the near future.
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 – $3,160
Major Resistance Level – $3,300
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2025-01-10 06:41