Price Movement
- Ethereum failed to break above $3,650 resistance and has declined below $3,550.
- The price is now trading below $3,550 and the 100-hour Simple Moving Average.
- A bearish trend line is forming with resistance near $3,650.
Possible Scenarios
Bullish:
- If Ethereum breaks above $3,650, it could rise to $3,720, $3,820, and potentially $4,000.
Bearish:
- If Ethereum fails to break above $3,550, it could decline further to $3,475, $3,430, and possibly $3,250.
Technical Indicators
- Hourly MACD: Losing momentum in the bearish zone.
- Hourly RSI: Below 50, indicating bearish sentiment.
Key Support and Resistance Levels
- Support: $3,430
- Resistance: $3,550
