17.1 C
New York
Monday, September 25, 2023

Buy now

Ethereum Bears Keep Pushing, Why ETH Could Slide Further

Ethereum failed to clear the $3,650 resistance against the US Dollar. ETH price is moving lower and it might extend its decline below $3,450 in the near term.

Ethereum struggled to gain strength above the $3,600 and $3,620 levels.
The price is now trading below $3,550 and the 100 hourly simple moving average.
There is a key declining channel forming with resistance near $3,550 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could slide towards $3,350 unless it breaks the $3,550 resistance zone.

Ethereum Price Faces Hurdles
Ethereum failed to settle above the $3,600 pivot level. ETH formed a high near $3,620 and started a downside correction. There was a break below the $3,550 support and the 100 hourly simple moving average.
The price even broke the 50% Fib retracement level of the upward move from the $3,375 swing low to $3,620 high. Ether is now trading below the $3,520 level, and it is now consolidating near the $3,500 level. An initial support on the downside is near the $3,480 level.
An immediate resistance on the upside is near the $3,635 level and the 100 hourly SMA. The first major resistance is near the $3,550 level. There is also a key declining channel forming with resistance near $3,550 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com
The next major resistance is near the $3,560 level, above which the price might start a fresh surge. In the stated case, the price could climb towards the $3,620 level. The next key resistance might be $3,650.
Dips Limited in ETH?
If ethereum fails to continue higher above the $3,550 and $3,560 resistance levels, it could extend its decline. An initial support on the downside is near the $3,480 level. The first key support is now forming near the $3,450 level.
It is near the 61.8% Fib retracement level of the upward move from the $3,375 swing low to $3,620 high. A downside break could lead the price towards the $3,400 support zone in the near term. Any more losses could push ether price towards the $3,375 support zone. The next key support could be $3,300.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $3,440
Major Resistance Level – $3,550

Christian Robinson
Christian Robinson
I’m a regular contributor to Forbes, CoinDesk, and Bitcoin Magazine, among others. My work focuses on providing analysis of the latest trends in the crypto industry, as well as offering insights into investment opportunities. I have a strong track record of identifying emerging technologies and assets that can achieve significant growth. As such, I believe that I am uniquely positioned to help investors navigate the ever-changing landscape of cryptocurrency.

Latest Articles

bitcoin
Bitcoin (BTC) $ 26,171.01
ethereum
Ethereum (ETH) $ 1,575.97
tether
Tether (USDT) $ 0.999881
bnb
BNB (BNB) $ 208.28
xrp
XRP (XRP) $ 0.499679
usd-coin
USDC (USDC) $ 0.998801
staked-ether
Lido Staked Ether (STETH) $ 1,575.51
dogecoin
Dogecoin (DOGE) $ 0.060885
cardano
Cardano (ADA) $ 0.243998
solana
Solana (SOL) $ 19.35
the-open-network
Toncoin (TON) $ 2.20
tron
TRON (TRX) $ 0.083627
polkadot
Polkadot (DOT) $ 4.00
matic-network
Polygon (MATIC) $ 0.512944
litecoin
Litecoin (LTC) $ 63.82
shiba-inu
Shiba Inu (SHIB) $ 0.000007
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 26,136.00
bitcoin-cash
Bitcoin Cash (BCH) $ 205.16
chainlink
Chainlink (LINK) $ 7.17
dai
Dai (DAI) $ 0.998067
true-usd
TrueUSD (TUSD) $ 0.996365
leo-token
LEO Token (LEO) $ 3.75
uniswap
Uniswap (UNI) $ 4.24
stellar
Stellar (XLM) $ 0.112581
avalanche-2
Avalanche (AVAX) $ 8.74
monero
Monero (XMR) $ 143.66
okb
OKB (OKB) $ 42.64
binance-usd
Binance USD (BUSD) $ 0.999930
ethereum-classic
Ethereum Classic (ETC) $ 15.17
cosmos
Cosmos Hub (ATOM) $ 6.97
hedera-hashgraph
Hedera (HBAR) $ 0.050029
filecoin
Filecoin (FIL) $ 3.21
crypto-com-chain
Cronos (CRO) $ 0.050770
aptos
Aptos (APT) $ 5.53
lido-dao
Lido DAO (LDO) $ 1.47
internet-computer
Internet Computer (ICP) $ 2.93
quant-network
Quant (QNT) $ 88.28
mantle
Mantle (MNT) $ 0.396835
vechain
VeChain (VET) $ 0.016632
maker
Maker (MKR) $ 1,277.41
near
NEAR Protocol (NEAR) $ 1.11
arbitrum
Arbitrum (ARB) $ 0.810711
optimism
Optimism (OP) $ 1.26
kaspa
Kaspa (KAS) $ 0.048487
rocket-pool-eth
Rocket Pool ETH (RETH) $ 1,712.79
aave
Aave (AAVE) $ 61.84
the-graph
The Graph (GRT) $ 0.086785
algorand
Algorand (ALGO) $ 0.101468
whitebit
WhiteBIT Coin (WBT) $ 5.31
usdd
USDD (USDD) $ 0.997244