As an experienced analyst, I believe that Ethereum’s price action is showing bearish signs. The failure to clear the $3,650 resistance level and the subsequent decline below $3,550 are indicators of a potential downtrend. The hourly chart shows that the price is trading below the 100-hourly Simple Moving Average and there is a major bearish trend line forming with resistance near $3,610.
The Ethereum price was unable to surpass the $3,650 barrier for resistance. Following the Federal Reserve’s announcement, Ethereum dropped once more and is currently displaying bearish indicators below the $3,550 mark.
- Ethereum started a fresh decline below the $3,580 support zone.
The price is trading below $3,550 and the 100-hourly Simple Moving Average.
There is a major bearish trend line forming with resistance near $3,610 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could extend losses if it stays below the $3,600 resistance zone.
Ethereum Price Dips Again
The price of Ethereum made an effort to rebound beyond the barriers at $3,550 and $3,580. Yet, it couldn’t hold above the crucial resistance level at $3,650 and initiated another downward trend. Similar to Bitcoin, there was a consistent decrease below the $3,580 threshold.
The cost dipped beneath the $3,550 threshold of prior resistance. We also observed a downward shift below the 61.8% Fibonacci retracement mark of the bullish trend between the $3,431 trough and $3,655 peak.
The current price of Ethereum hovers around $3,550 and falls below its 100-hour moving average. Moreover, a significant bearish trend line is emerging on the ETH/USD hourly chart, with resistance at approximately $3,610. Should there be any further upward movement, Ethereum may encounter resistance around the $3,580 mark.
As an analyst, I’ve identified the first significant barrier to further upward movement around the $3,600 mark, including the trendline. A successful breach above this resistance could push the price upwards. The next notable resistance lies at $3,650. If we manage to surpass this hurdle, the price may gather momentum and move towards the $3,720 level.
As a crypto investor, if Ethereum manages to break above the $3,720 mark, I would expect a challenge at the $3,800 resistance level. Surpassing this barrier could potentially propel Ether towards the $3,880 resistance zone.
More Downsides In ETH?
As a crypto investor, if Ethereum doesn’t manage to surpass the $3,600 resistance level, it may continue sliding down. The initial line of defense on the decline lies around $3,480 and represents the 76.4% Fibonacci retracement mark from the price swing low at $3,431 to the peak high of $3,655. The following substantial support can be found close to the $3,420 area.
If the price falls significantly below the $3,420 mark of support, it could potentially lead to a drop in value towards the nearby resistance at $3,320. Further declines might then push the price towards the $3,250 level 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 – $3,420
Major Resistance Level – $3,600
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2024-06-13 06:58