Some Tests of Support Levels


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Ethereum price failed to clear the $3,750 resistance and trimmed gains. ETH is back to $3,350 and it may be difficult to start a new rally.

  • Ethereum started a new low from the $3,750 area.
  • The price is trading below $3,550 and the 100-hour Simple Moving Average.
  • There was a break below the connecting bullish trend line with support at $3,675 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could be difficult to start a new rally above the resistance level of $3,450.

Ethereum Price Drops Over 8%

The price of Ethereum remained stable above the $3,650 level and extended its ascent as high as Bitcoin. ETH gained momentum to move above the $3,680 and $3,700 resistance levels.

However, the bulls failed to push the price above the $3,750 resistance. A high was formed at $3,742 and the price started a new low. There was a clear move below $3,650 and $3,550. There was also a break below the connecting bullish line with support at $3,675 on the ETH/USD hourly chart.

A low was formed at $3,356 and the price now includes below the 23.6% Fib retracement level of the recent decline from the $3,742 swing high to the $3,356 low.

Ethereum price is now trading below $3,550 and the 100-hour Simple Moving Average. On the other hand, the price seems to be facing obstacles near the $3,450 level. The first major resistance is near the $3,500 level. Key resistance now forms around $3,550 or the 50% Fib retracement level of the recent decline from $3,742 swing high to $3,356 low.

Source: ETHUSD on TradingView.com

A clear move above the $3,550 resistance could send the price to the $3,650 resistance. A break above $3,650 may call for additional gains in future sessions. In the mentioned case, Ether can rise to the resistance area of ​​$3,750 or even $3,880 in the near term.

More Loss on ETH?

If Ethereum fails to clear the $3,450 resistance, it could start another decline. The first support on the downside is near the $3,350 level. The first major support sits near $3,320.

A clear move below the $3,320 support could push the price to the $3,250 support. Another loss could send the price to the $3,150 support level in the near term. The next key support remains at $3,120.

Technical References

MACD per hourMACD of ETH/USD is trending in bearish territory.

Hourly RSIThe RSI for ETH/USD is now below the 50 area.

Major Support Level – $3,350

Major Resistance Level – $3,450



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