Ethereum’s price took a hit after failing to break through the $3,720 mark. It’s now hovering around $3,550, with further losses likely.
Resistance at $3,720
Ethereum tried to climb above $3,650 but faced resistance from sellers. The price reached $3,710 before dropping sharply.
Support at $3,550
If Ethereum can’t regain $3,650, it could continue to fall. The first support level is $3,550, followed by $3,520 and $3,500.
Key Trend Line
A bearish trend line has formed on Ethereum’s hourly chart, with resistance at $3,680. Breaking above this line could indicate a potential recovery.
Technical Indicators
- MACD: Momentum is bearish.
- RSI:
Below 50, indicating bearish sentiment.
Support and Resistance Levels
- Support: $3,550, $3,520, $3,500
- Resistance: $3,650, $3,680, $3,720
