The recent movement in Ethereum price has been quite volatile, with the cryptocurrency failing to break the $3,720 resistance level. This failure has now put ETH at risk of further losses, potentially dropping below the $3,550 support zone.
After starting a fresh decline from the resistance zone, Ethereum is now trading below $3,650 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance near $3,680 on the hourly chart of ETH/USD. The pair could extend losses if there is a close below the $3,550 support.
The price attempted to increase above the $3,650 resistance zone but failed to sustain the momentum. After hitting a high of $3,710, the price started a fresh decline. Now, it is consolidating losses below $3,650. If there is a fresh increase, the price might face resistance near the $3,640 level.
An upside break above the $3,680 resistance could signal a potential rally, with the next key resistance at $3,720. This could lead to a rise toward the $3,750 level and, if the bulls continue to push, the price might test the $3,800 resistance. On the other hand, if Ethereum fails to clear the $3,650 resistance, it could see further downside movement.
The Hourly MACD for ETH/USD is gaining momentum in the bearish zone, indicating a possible continuation of downward movement. The Hourly RSI is now below the 50 zone, suggesting increased selling pressure.
Ethereum’s price action is currently showing signs of weakness, with the failure to break key resistance levels putting the cryptocurrency at risk of further losses. Traders and investors should remain cautious and closely monitor the support and resistance levels to determine the next potential direction for Ethereum price.