Ethereum has experienced a setback in its price, failing to recover above the $3,650 resistance level. The cryptocurrency declined once again below the $3,550 support zone, indicating bearish signs below the $3,600 mark. This fresh decline brings into question the potential for a recovery in the near future, as ETH struggles to maintain its position in the market.
A key bearish trend line is forming with resistance near $3,650 on the hourly chart of ETH/USD. This trend line presents a significant barrier for Ethereum to overcome in order to see a reversal in its current downward trajectory. Additionally, the pair could face further losses if it fails to break above the $3,650 resistance zone, highlighting the importance of this price level for Ethereum’s future movements.
In the event of a successful upward movement, Ethereum might encounter resistance near the $3,550 and $3,570 levels. The $3,570 level marks a key resistance point, close to the 50% Fib retracement level of the recent downward move. Beyond this, a clear break above the $3,650 resistance could signal a potential rally towards the $3,720 and $3,820 levels. However, failure to clear the $3,550 resistance may result in further downside movement, with initial support near $3,475 and major support around the $3,430 zone.
The hourly MACD for ETH/USD indicates a loss of momentum in the bearish zone, suggesting a continuation of the current negative trend. Similarly, the hourly RSI for Ethereum is now below the 50 zone, signaling a potential further decline in price. These technical indicators point to a challenging road ahead for Ethereum as it navigates through key support and resistance levels.
Ethereum’s price remains under pressure as it struggles to break above key resistance levels. The formation of a bearish trend line and the inability to sustain gains above $3,650 indicate a challenging path for ETH in the near term. Traders and investors should closely monitor support and resistance levels, as well as technical indicators, to assess the potential for a reversal in Ethereum’s price trajectory.