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Ethereum Faces New Wave Of Selling — $3,550 Support In Focus

Ethereum worth began a recent decline under $3,750. ETH is shifting decrease under $3,700 and may decline additional if it trades under $3,550.

  • Ethereum began one other bearish wave after it did not clear $3,880.
  • The worth is buying and selling under $3,700 and the 100-hourly Simple Moving Average.
  • There is a contracting triangle forming with resistance at $3,650 on the hourly chart of ETH/USD (information feed by way of Kraken).
  • The pair might proceed to maneuver down if it trades under $3,550.

Ethereum Price Dips Further

Ethereum worth failed to remain in a constructive zone and began a recent decline under $3,880, like Bitcoin. ETH worth declined under $3,800 and $3,750 to enter a bearish zone.

The decline gained tempo under $3,650. Finally, the bulls appeared close to $3,550. A low was fashioned at $3,557 and the worth is now consolidating losses close to the 23.6% Fib retracement degree of the latest decline from the $3,920 swing high to the $3,557 low.

Ethereum worth is now buying and selling under $3,800 and the 100-hourly Simple Moving Average. If there’s a restoration wave, the worth might face resistance close to the $3,650 degree. There can be a contracting triangle forming with resistance at $3,650 on the hourly chart of ETH/USD.

The subsequent key resistance is close to the $3,740 degree and the 50% Fib retracement degree of the latest decline from the $3,920 swing high to the $3,557 low. The first main resistance is close to the $3,800 degree. A transparent transfer above the $3,800 resistance may ship the worth towards the $3,880 resistance. An upside break above the $3,880 area may name for extra beneficial properties within the coming periods. In the acknowledged case, Ether might rise towards the $4,000 resistance zone and even $4,050 within the close to time period.

More Losses In ETH?

If Ethereum fails to clear the $3,800 resistance, it might begin a recent decline. Initial help on the draw back is close to the $3,580 degree. The first main help sits close to the $3,550 zone.

A transparent transfer under the $3,550 help may push the worth towards the $3,500 help. Any extra losses may ship the worth towards the $3,420 area within the close to time period. The subsequent key help sits at $3,350 and $3,320.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum within the bearish zone.

Hourly RSI – The RSI for ETH/USD is now under the 50 zone.

Major Support Level – $3,550

Major Resistance Level – $3,800

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