Ethereum ’s price has recently experienced a notable downturn, falling below the crucial $3,880 threshold. Currently, ETH has recorded a decline exceeding 5%, with bearish indicators evident as it trades beneath the $3,680 level.
The recent drop began as Ethereum struggled to maintain support above $3,880. Following its descent below the $3,800 level, the price quickly dipped past $3,680 and even breached the $3,600 support, reaching a low of $3,543. At this point, the price is in a phase of consolidation. A new bearish trend line has emerged, establishing resistance around the $3,800 level on the hourly chart.
Trading below both the $3,620 level and the 100-hourly Simple Moving Average, Ethereum faces resistance at approximately $3,670. This resistance aligns closely with the 23.6% Fibonacci retracement of the recent downward movement, which stretches from a high of $4,105 to the low of $3,537. Significant resistance is anticipated near the $3,880 level, and a push above this level could facilitate a move towards the $4,000 resistance. Should this occur, additional gains could lead to targets between $4,150 and $4,220.
On the downside, Ethereum ’s potential for further losses looms if it fails to overcome the $3,680 resistance. The initial support is positioned at $3,550, with stronger support developing around the $3,500 zone. A decisive break below this level might accelerate the decline toward $3,450, with additional support at $3,350 and a key level at $3,220.
Technical indicators suggest a continuation of the bearish trend, with the MACD indicating increasing momentum in the negative zone and the RSI remaining below the neutral 50 level. Investors will be closely monitoring these support and resistance levels as Ethereum navigates this volatile market.
