Ethereum price has struggled to recover above the $3,650 resistance level, indicating a bearish trend in the market. The failed attempt to surpass this key resistance has led to a decline in ETH value below the $3,550 support zone. This downward movement has raised concerns among investors and traders about the future performance of Ethereum in the market.
Currently, Ethereum is trading below $3,550 and the 100-hourly Simple Moving Average, which further strengthens the bearish signals. Additionally, a key bearish trend line is forming with resistance near $3,650 on the hourly chart of ETH/USD. Technical indicators, such as the Hourly MACD and RSI, are also showing a loss of momentum in the bearish zone, indicating a potential continuation of the downward trend.
In case of a further decline in Ethereum price, the initial support on the downside is expected near $3,475, followed by a major support zone near $3,430. A clear move below the $3,430 support level could potentially push the price towards $3,320 or even lower to the $3,250 level in the near term. On the other hand, if Ethereum manages to break above the $3,650 resistance, it might face resistance near $3,570 and $3,720 levels. A successful break above these levels could lead to a potential rally towards $3,820 and $3,920 resistance levels.
Overall, the current market situation for Ethereum is uncertain, with the price struggling to recover above key resistance levels. The bearish signs and technical indicators suggest a potential continuation of the downward trend, unless Ethereum manages to break above the resistance levels mentioned. Traders and investors should closely monitor the market developments and set clear stop-loss levels to manage risk effectively in such a volatile market environment.
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