Ethereum Price Trims Gains as Bitcoin Slump Drags Crypto Market

Ethereum Price Trims Gains as Bitcoin Slump Drags Crypto Market

Ethereum price struggled to climb above the $3,550 resistance and trimmed gains. ETH gained bearish momentum alongside Bitcoin and tested the $3,385 zone.

• Ethereum is trimming gains from the $3,550 resistance zone.
• The price is trading below $3,500 and the 100-hourly Simple Moving Average.
• There is a key bearish trend line forming with resistance near $3,465 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could gain bearish momentum if it dips below the $3,385 and $3,350 support levels.

Ethereum Price Dips Further

Ethereum price struggled to start a fresh increase above the $3,550 zone. ETH followed Bitcoin’s bearish path and the price declined below the $3,500 level. The bears pushed the price below the $3,420 support zone.

A low was formed at $3,388 and the price is now consolidating losses. It is struggling near the 23.6% Fib retracement level of the recent decline from the $3,543 swing high to the $3,388 low. There is also a key bearish trend line forming with resistance near $3,465 on the hourly chart of ETH/USD.

Ethereum is now trading below $3,500 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $3,430 level. The first major resistance is near the $3,465 level and the trend line.

The trend line is near the 50% Fib retracement level of the recent decline from the $3,543 swing high to the $3,388 low. The main resistance sits at $3,520 or $3,550. An upside break above the $3,550 resistance might send the price higher. The next key resistance sits at $3,650, above which the price might gain traction and rise toward the $3,720 level. Any more gains could send Ether toward the $3,880 resistance zone in the coming days.

More Downsides In ETH?

If Ethereum fails to clear the $3,465 resistance, it could start another decline. Initial support on the downside is near $3,385. The first major support sits near the $3,350 zone.

A clear move below the $3,350 support might push the price toward $3,220. Any more losses might send the price toward the $3,100 level in the near term.

Technical Indicators

Hourly 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 zone.

Major Support Level – $3,350

Major Resistance Level – $3,465