Ethereum price extended its decline below $3,500. ETH is showing a few bearish signs and there could be a drop toward the $3,200 support zone.
- Ethereum started a downside correction below the $3,550 zone.
- The price is trading below $3,550 and the 100-hourly Simple Moving Average.
- There is a major bearish trend line forming with resistance at $3,520 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could resume its decline if it stays below the $3,520 and $3,550 resistance levels.
Ethereum Price Breaks Support
Ethereum price started a downside correction below the $3,720 and $3,650 levels, like Bitcoin. ETH declined below the $3,550 support level to move further in a short-term bearish zone.
Finally, the price traded below the $3,420 support. A low was formed at $3,365 and the price is now consolidating losses. It is showing a few bearish signs below the 23.6% Fib retracement level of the downward move from the $3,675 swing high to the $3,365 low.
More Downsides In ETH?
If Ethereum fails to clear the $3,520 resistance, it could continue to move down. Initial support on the downside is near the $3,365 level.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 – $3,365 Major Resistance Level – $3,520