Subscribe to our Telegram channel!
The price of Ethereum ETH $2,445.66 Ethereum -1.19% Market capitalization $295.15 billion VOL. 24 hours $0.64 billion has dropped sharply to $ 3,550 as the token moved into a bearish trend zone after failing to overcome resistance at $ 3,650.
The decline accelerated after a breakout below $ 3,350, and the low was recorded near $ 3,058. After that, the quotes recovered slightly, but remain in the consolidation zone. The recovery stopped around the 23.6% Fibonacci retracement level of the last drop from $ 3,920 to $ 3,058, indicating that buyers are weak. A bearish trend line is forming on the hourly chart with resistance at $ 3,450.
The nearest important resistance is at $ 3,500. If the price can gain a foothold above this level, the next target is $ 3,550. A breakout of this zone could open the way to $ 3,750−3,800, which would mean a short-term recovery.
However, if Ethereum fails to break the $ 3,500 mark, it may face a new stage of decline. Analysts see the initial support at $ 3,250, and the key support at $ 3,200. A breakout below this level could send the price to $ 3,120−3,050, and in the worst case, to $ 3,000.
The indicators confirm the bearish sentiment: The MACD is losing momentum in the negative zone, and the RSI has dropped below 50, indicating that sellers are at a premium. The main technical levels are currently defined as:
- Support — $ 3,200;
- Resistance — $ 3,500.