Ethereum’s price has experienced a significant drop recently, struggling to surpass the $3,520 threshold and subsequently declining below the $3,250 support level. The cryptocurrency even tested the $3,150 range, highlighting the presence of bearish pressure in the market.
Key indicators show that Ethereum remains below $3,250 and the 100-hourly Simple Moving Average, both of which are crucial resistance levels. Additionally, a bearish trend line has formed with resistance around $3,325 on the hourly chart of ETH/USD.
While there may be a potential for a recovery, any upside movements are expected to be limited above the $3,320 zone. The first significant resistance level lies near $3,300, followed by $3,365. Breaking these resistance levels could instigate a push towards $3,450 and $3,500 respectively. Further gains might even propel the price towards the $3,550 resistance region.
In the event that Ethereum fails to surpass the $3,320 resistance, it could continue its downward trajectory. Initial support exists around $3,200, with stronger support near the $3,150 zone. A breach of this level could lead to a further decline towards $3,080 and potentially the $3,050 level.
Overall, based on technical indicators, Ethereum currently demonstrates bearish momentum with the MACD in the bearish zone and the hourly RSI below 50.
As in any volatile market, the future is uncertain, and traders and investors should closely monitor the price movement and additional market developments to make informed decisions.