Ethereum struggled to surpass the $3,550 resistance level and has now trimmed its gains. Like Bitcoin, ETH faced a bearish trend and tested the $3,385 zone. Currently, Ethereum is trading below $3,500 and the 100-hourly Simple Moving Average. There is also a key bearish trend line forming with resistance near $3,465.
If the price dips below the support levels at $3,385 and $3,350, it could gain bearish momentum. On the upside, Ethereum might face resistance near $3,430 and $3,465. A break above the $3,550 resistance could send the price higher, with the next key resistance at $3,650 and $3,720. Further gains may lead to Ether reaching the $3,880 resistance level.
However, if Ethereum fails to clear the $3,465 resistance, it could start another decline. Initial support is around $3,385, followed by a major support level near $3,350. A move below this support zone might push the price towards $3,220, and further losses could lead to a test of the $3,100 level.
The MACD indicator for ETH/USD is showing momentum in the bearish zone, while the RSI indicator has fallen below the 50 zone.
In summary, Ethereum’s price gains have been trimmed as it faced resistance, much like Bitcoin. The current trend suggests possible further downside if key support levels are breached, but a break above resistance could bring about a renewed bullish momentum.