Ethereum

Resistance

Ethereum price extended its decline below $3,500. ETH is showing a few bearish signs and there could be a drop toward the $3,200 support zone.<ul><li>Ethereum started a downside correction below the $3,550 zone.</li><li>The price is trading below $3,550 and the 100-hourly Simple Moving Average.</li><li>There is a major bearish trend line forming with resistance at $3,520 on the hourly chart of ETH/USD (data feed via Kraken).</li><li>The pair could resume its decline if it stays below the $3,520 and $3,550 resistance levels.</li></ul><h2 id="ethereum-price-breaks-support">Ethereum Price Breaks Support</h2>Ethereum price started a downside correction below the $3,720 and $3,650 levels, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-at-risk-65k/" rel="noopener noreferrer nofollow">Bitcoin</a>. ETH declined below the $3,550 support level to move further in a short-term bearish zone.Finally, the price traded below the $3,420 support. A low was formed at $3,365 and the price is now consolidating <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-grinds-lower-3400/" rel="noopener noreferrer nofollow">losses</a>. It is showing a few bearish signs below the 23.6% Fib retracement level of the downward move from the $3,675 swing high to the $3,365 low.Ethereum price is now trading below $3,550 and the 100-hourly Simple Moving Average. On the upside, immediate resistance is near the $3,440 level. The first major resistance is near the $3,520 level. There is also a major bearish trend line forming with resistance at $3,520 on the hourly chart of ETH/USD.The trend line is close to the 50% Fib retracement level of the downward move from the $3,675 swing high to the $3,365 low. The next major resistance is near $3,600, above which the price might gain bullish momentum.<a href="https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_bf0ee7.png?resize=1024%2C461" rel="noopener noreferrer nofollow"><img class="alignnone size-full wp-image-598591" src="https://www.newsbtc.com/wp-content/uploads/2024/03/Ethereum_bf0ee7.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461"></a>Source: <a href="https://www.tradingview.com/symbols/ETHUSD/" rel="noopener noreferrer nofollow">ETHUSD on TradingView.com</a>In the stated case, Ether could rally toward the $3,650 level. If there is a move above the $3,650 resistance, Ethereum could even rise toward the $3,825 resistance. Any more gains might call for a test of $4,000.<h2 id="more-downsides-in-eth">More Downsides In ETH?</h2>If Ethereum fails to clear the $3,520 resistance, it could continue to move down. Initial support on the downside is near the $3,365 level.The first major support is near the $3,320 zone. The next key support could be the $3,250 zone. A clear move below the $3,250 support might send the price toward $3,200. Any more losses might send the price toward the $3,150 level.Technical IndicatorsHourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.Hourly RSI – The RSI for ETH/USD is now below the 50 level.Major Support Level – $3,365Major Resistance Level – $3,520

Ethereum Price Extends Losses, Can Bears Send ETH To $3,200?

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