Ethereum ’s price has recently experienced a decline, dropping below the $3,450 level. Currently, the cryptocurrency is attempting to recoup some of its lost ground, with the potential for a subsequent rise contingent upon surpassing the resistance level at $3,445.
The downward trend for Ethereum emerged after it failed to maintain momentum above the $3,500 level. As the price fell below $3,400, it settled below $3,320. However, it remains above crucial support levels around $3,220 and $3,200. The lowest price recorded during this decline was $3,220, and an effort to consolidate above this support has begun. A recent climb past the $3,250 level indicates a potential recovery, as Ethereum has broken through the 50% Fibonacci retracement of its recent dip from $3,553 to $3,220.
Currently, Ethereum is positioned under the $3,450 level and the 100-hour Simple Moving Average (SMA). Despite the challenges, there is a significant resistance at $3,445, which coincides with the 61.8% Fibonacci retracement from the previous high of $3,553 to the low of $3,220. Should Ethereum breach the first significant resistance near $3,480, it could potentially pave the way for gains towards $3,650. An increase beyond this level may open opportunities for prices to reach $3,720 or even $3,800 in the sessions that follow.
Conversely, if Ethereum struggles to overcome the $3,445 resistance, it risks further declines. Initial support can be found around $3,300, while the first major support level to watch is at $3,220. A decline below $3,200 could trigger a move towards $3,120, with further losses possibly leading to a downturn to approximately $3,050, and critical support lying at the $3,000 level.
In terms of technical analysis, the MACD for Ethereum is losing bearish momentum, while the Relative Strength Index (RSI) indicates a position above the neutral level, suggesting a mix of market sentiment.
