Ethereum ’s price has struggled to break past the resistance level of $3,750, leading to a noticeable decline. Currently, Ether is trading around $3,350, which indicates a significant contraction in its value. The cryptocurrency began its downward trajectory after reaching $3,742, failing to maintain momentum above the resistance level.
Following its struggle, Ethereum ’s trading price fell below key levels, specifically $3,650 and $3,550, as well as the 100-hourly Simple Moving Average. Additionally, there was a notable breach of a bullish trend line that had its support around $3,675, further indicating bearish sentiment in the market. Ethereum ’s most recent low was observed at $3,356, and it now finds itself consolidating below the 23.6% Fibonacci retracement level, which reflects the recent decline from its peak at $3,742 back to its current position.
As it stands, Ethereum faces considerable resistance around the $3,450 level, with the first notable hurdle at the $3,500 level. Any upward movement that successfully surpasses $3,550 could signal a potential rise towards $3,650, with aspirations extending to the $3,750 zone or even reaching as high as $3,880 in the near term if bullish momentum resurfaces.
Conversely, should Ethereum struggle to breach the $3,450 resistance, a further decline seems probable. Immediate support is positioned near $3,350, followed by stronger support at approximately $3,320. A decisive drop below $3,320 could catalyze declines toward the $3,250 level, and further losses could potentially see prices dip to the $3,150 support level shortly thereafter. This bearish trend is echoed by technical indicators, with the MACD showing strengthening momentum in the negative zone and the Relative Strength Index below the neutral level of 50.
