Ethereum

Resistance

<a href="https://bitcoinworld.co.in/price-analysis-ethereum-eth-price-downward-drift-decline-resumes-again/" title="Price Analysis: Ethereum (ETH) Price Downward Drift: Decline Resumes Again" rel="noopener noreferrer nofollow"></a>
Ethereum (ETH) price failed to clear the $3,720 resistance but declined again and is now at risk of more losses below the $3,550 support zone.
<ul>
 <li style="font-weight: 400">Ethereum started a fresh decline from the $3,720 resistance zone.</li>
 <li style="font-weight: 400">The price is trading below $3,650 and the 100-hourly Simple Moving Average.</li>
 <li style="font-weight: 400">There is a key bearish trend line forming with resistance near $3,680 on the hourly chart of ETH/USD (data feed via Kraken).</li>
 <li style="font-weight: 400">The pair could extend losses if there is a close below the $3,550 support.</li>
</ul>
<h3 id="span-style-font-weight-400-ethereum-price-dips-again-span">Ethereum Price Dips Again</h3>
Just as Bitcoin, Ethereum (ETH) price attempted a decent increase above the $3,650 resistance zone. ETH even spiked above $3,700 but the bears were active.&nbsp;
A high was formed at $3,710 and the price started a fresh decline. There was a sharp decline below the $3,660 and $3,650 levels.
A low was formed near $3,565 and the price is now consolidating losses, like Bitcoin. Ethereum is now trading below $3,650 and the 100-hourly Simple Moving Average.
If there is a fresh increase or a recovery wave, the price might face resistance near the 23.6% Fib retracement level of the downward move from the $3,710 swing high to the $3,565 low. The first major resistance is near the $3,640 level.
There is also a key bearish trend line forming with resistance near $3,680 on the hourly chart of ETH/USD. The trend line is close to the 61.8% Fib retracement level of the downward move from the $3,710 swing high to the $3,565 low.
An upside break above the $3,680 resistance might send the price higher. The next key resistance sits at $3,720, above which the price might gain traction and rise toward the $3,750 level.
If the bulls push Ether above the $3,750 level, the price might rise and test the $3,800 resistance. Any more gains could send Ether toward the $3,880 resistance zone.
<h3 id="span-style-font-weight-400-more-losses-in-eth-span">More Losses In ETH?</h3>
If Ethereum fails to clear the $3,650 resistance, it could continue to move down. Initial support on the downside is near $3,550. The next major support is near the $3,520 zone.
The main support sits at $3,500. A clear move below the $3,500 support might push the price toward $3,320. Any more losses might send the price toward the $3,250 level in the near term.
<h3 id="span-style-font-weight-400-technical-indicators-span">Technical Indicators</h3>
<ul>
 <li style="font-weight: 400">Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.</li>
 <li style="font-weight: 400">Hourly RSI – The RSI for ETH/USD is now below the 50 zone.</li>
 <li style="font-weight: 400">Major Support Level – $3,550</li>
 <li style="font-weight: 400">Major Resistance Level – $3,650</li>
</ul>
<blockquote>
 Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
</blockquote>

Price Analysis: Ethereum (ETH) Price Downward Drift: Decline Resumes Again

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