Ethereum Tanks 10% — Can Bulls Defend the Next Major Demand Zone?

Ethereum price started a fresh decline below $3,550. ETH is struggling below $3,400 and might decline further if it stays below $3,500. Ethereum started another bearish wave after it failed to clear $3,650. The price is trading below $3,500 and the 100-hourly Simple Moving ￰0￱ is a bearish trend line forming with resistance at $3,450 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could continue to move down if it trades below $3,200. Ethereum Price Dips Sharply Ethereum price failed to stay in a positive zone and started a fresh decline below $3,550, like ￰1￱ price declined below $3,500 and $3,450 to enter a bearish ￰2￱ decline gained pace below $3,350. Finally, the bulls appeared near $3,050. A low was formed at $3,058 and the price is now consolidating ￰3￱ was a recovery wave above the 23.6% Fib retracement level of the recent decline from the $3,920 swing high to the $3,058 ￰4￱ price is now trading below $3,400 and the 100-hourly Simple Moving ￰5￱ there is a decent increase, the price could face resistance near the $3,350 ￰6￱ next key resistance is near the $3,480 level and the 50% Fib retracement level of the recent decline from the $3,920 swing high to the $3,058 ￰7￱ is also a bearish trend line forming with resistance at $3,450 on the hourly chart of ETH/USD.

The first major resistance is near the $3,500 level. A clear move above the $3,500 resistance might send the price toward the $3,550 ￰8￱ upside break above the $3,550 region might call for more gains in the coming ￰9￱ the stated case, Ether could rise toward the $3,750 resistance zone or even $3,800 in the near ￰10￱ Losses In ETH? If Ethereum fails to clear the $3,500 resistance, it could start a fresh ￰11￱ support on the downside is near the $3,250 ￰12￱ first major support sits near the $3,200 zone. A clear move below the $3,200 support might push the price toward the $3,120 ￰13￱ more losses might send the price toward the $3,050 region in the near ￰14￱ next key support sits at $3,020 and $3,000.

Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish ￰15￱ RSI – The RSI for ETH/USD is now below the 50 ￰16￱ Support Level – $3,200 Major Resistance Level – $3,500