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Ethereum price failed to clear the $3,450 resistance and extended losses. ETH is struggling and may continue to decline if it stays below $3,500.
- Ethereum started a new low from the $3,450 area.
- The price is trading below $3,400 and the 100-hour Simple Moving Average.
- There is a bearish connecting trend line forming resistance at $3,340 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair may struggle to initiate a new rally above the $3,400 resistance level.
Ethereum Price Extends Losses
Ethereum price failed to start a wave of recovery above the $3,500 level and extended losses like Bitcoin. ETH declined below the $3,450 and $3,400 support levels.
There was a clear move below $3,350 and $3,320. A low was formed at $3,213 and the price now includes below the 23.6% Fib retracement level of the recent decline from the $3,743 swing high to the $3,213 low. There is also a bearish connecting trend line forming with resistance at $3,340 on the hourly chart of ETH/USD.
Ethereum price is now trading below $3,400 and the 100-hour Simple Moving Average. On the other hand, the price seems to be facing obstacles near the $3,350 level and the trend line.
The first major resistance is near the $3,475 level or the 50% Fib retracement level of the recent decline from the $3,743 swing high to the $3,213 low. The main resistance is now around $3,500. A clear move above the $3,500 resistance could send the price to the $3,550 resistance.
A break above $3,550 may call for additional gains in future sessions. In the mentioned case, Ether can rise to the resistance area of ​​$3,650 or even $3,720 in the near term.
More Loss on ETH?
If Ethereum fails to clear the $3,400 resistance, it could start another decline. The first support on the downside is near the $3,280 level. The first major support sits near $3,220.
A clear move below the $3,220 support could push the price to the $3,150 support. Another loss could send the price to the $3,050 support level in the near term. The next key support remains at $3,000.
Technical References
MACD per hour – MACD of ETH/USD is trending in bearish territory.
Hourly RSI – The RSI for ETH/USD is now below the 50 area.
Major Support Level – $3,250
Major Resistance Level – $3,400