Ethereum price witnessed a failed recovery above the crucial $3,650 resistance level. Despite the effort to bounce back, ETH declined once again below $3,550, indicating bearish signals below $3,600.
The cryptocurrency started a fresh decline below the $3,550 support zone and is currently trading under $3,550 and the 100-hourly Simple Moving Average. Additionally, there is a significant bearish trend line forming with resistance near $3,650 on the hourly chart of ETH/USD.
The price of Ethereum attempted a recovery wave, but the lack of bullish momentum prevented it from settling above the $3,650 level, causing another decline. The downward movement led to a breach below the $3,600 level, reaching a low of around $3,430. Currently, the price is consolidating losses below $3,550 and is struggling to gain traction.
In the event of a bullish scenario, if Ethereum manages to break above the $3,650 resistance level, it might experience upward movement. The next key resistance points are located at $3,720, $3,820, and potentially even $3,920. However, failure to clear the $3,550 resistance could result in further downside. Initial support is seen near $3,475, followed by a major support zone at $3,430.
The hourly MACD for ETH/USD is showing a loss of momentum in the bearish zone, indicating a potential continuation of the downward trend. Similarly, the hourly RSI for ETH/USD has dropped below the 50 zone, suggesting a bearish sentiment among traders.
Ethereum price is currently facing significant challenges in overcoming key resistance levels, with bearish signals dominating the market sentiment. Traders and investors should closely monitor the price movement of ETH and pay attention to critical support and resistance levels to make informed trading decisions in the volatile cryptocurrency market.
