Ethereum Faces New Wave Of Selling — $3,550 Support In Focus

Ethereum price started a fresh decline below $3,750. ETH is moving lower below $3,700 and might decline further if it trades below $3,550. Ethereum started another bearish wave after it failed to clear $3,880. The price is trading below $3,700 and the 100-hourly Simple Moving ￰0￱ is a contracting triangle forming with resistance at $3,650 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could continue to move down if it trades below $3,550. Ethereum Price Dips Further Ethereum price failed to stay in a positive zone and started a fresh decline below $3,880, like ￰1￱ price declined below $3,800 and $3,750 to enter a bearish ￰2￱ decline gained pace below $3,650. Finally, the bulls appeared near $3,550. A low was formed at $3,557 and the price is now consolidating losses near the 23.6% Fib retracement level of the recent decline from the $3,920 swing high to the $3,557 ￰3￱ price is now trading below $3,800 and the 100-hourly Simple Moving ￰4￱ there is a recovery wave, the price could face resistance near the $3,650 ￰5￱ is also a contracting triangle forming with resistance at $3,650 on the hourly chart of ETH/USD.

The next key resistance is near the $3,740 level and the 50% Fib retracement level of the recent decline from the $3,920 swing high to the $3,557 ￰6￱ first major resistance is near the $3,800 level. A clear move above the $3,800 resistance might send the price toward the $3,880 ￰7￱ upside break above the $3,880 region might call for more gains in the coming ￰8￱ the stated case, Ether could rise toward the $4,000 resistance zone or even $4,050 in the near ￰9￱ Losses In ETH? If Ethereum fails to clear the $3,800 resistance, it could start a fresh ￰10￱ support on the downside is near the $3,580 ￰11￱ first major support sits near the $3,550 zone. A clear move below the $3,550 support might push the price toward the $3,500 ￰12￱ more losses might send the price toward the $3,420 region in the near ￰13￱ next key support sits at $3,350 and $3,320.

Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish ￰14￱ RSI – The RSI for ETH/USD is now below the 50 ￰15￱ Support Level – $3,550 Major Resistance Level – $3,800