Ethereum‘s price was unable to advance past the $3,725 mark, causing it to retreat and now hover around the $3,475 support level.
- Ethereum failed to climb higher above the $3,725 resistance level.
The price is trading near $3,500 and the 100-hourly Simple Moving Average.
There was a break below a key bullish trend line with support at $3,510 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh increase if it stays above the $3,420 support zone.
Ethereum Price Faces Rejection
The cost of Ethereum began to climb significantly above the $3,550 threshold. In fact, it surpassed the $3,650 resistance level. However, sellers emerged around $3,725. A new peak was reached at $3,726, but Ethereum then reversed direction and dropped in value, similar to Bitcoin‘s trend.
Below the $3,600 and $3,550 thresholds, ETH/USD experienced a significant drop. The hourly chart revealed a breach of a crucial bullish trend line, which previously provided support at $3,510. Additionally, the pair plunged below the 50% Fibonacci retracement level marking the halfway point of the upward trend from $3,224 to $3,726.
Currently, Ethereum hovers around $3,500 and its 100-hour moving average. Immediate obstacle for price increase lies at $3,520. The first significant barrier is located at $3,560. Beyond that, the major resistance awaits at $3,610, surpassing which may lead the price to challenge $3,650.
With Ether currently facing significant resistance around $3,725, a breakthrough above this level could ignite a bullish trend for the cryptocurrency. Consequently, its price might surge towards the $3,800 region. Should Ethereum manage to breach the $3,800 resistance, there’s a strong possibility it could advance further, targeting the $4,000 mark.
More Losses In ETH?
If Ethereum is unable to surpass the $3,610 mark, there’s a possibility it may head lower instead. A potential floor in its decline can be found around $3,475.
An initial significant support lies around the $3,420 mark or the 61.8% Fibonacci retracement point of the price rise from the $3,224 trough to the $3,726 low. The following crucial support could be at $3,340. A notable break below the $3,340 support may push the price downward towards $3,240. Further declines might lead the price to test the $3,120 level.
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 level.
Major Support Level – $3,420
Major Resistance Level – $3,610
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2024-04-10 07:34