Ethereum Bears Keep Pushing, Why ETH Could Slide Further

Ethereum

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

bitcoin
Bitcoin (BTC) $ 66,493.82
ethereum
Ethereum (ETH) $ 3,252.21
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 610.08
solana
Solana (SOL) $ 157.35
usd-coin
USDC (USDC) $ 0.999992
staked-ether
Lido Staked Ether (STETH) $ 3,252.04
xrp
XRP (XRP) $ 0.546119
dogecoin
Dogecoin (DOGE) $ 0.161609
the-open-network
Toncoin (TON) $ 5.81
cardano
Cardano (ADA) $ 0.498673
shiba-inu
Shiba Inu (SHIB) $ 0.000027
avalanche-2
Avalanche (AVAX) $ 39.04
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 66,566.84
polkadot
Polkadot (DOT) $ 7.47
tron
TRON (TRX) $ 0.113475
bitcoin-cash
Bitcoin Cash (BCH) $ 504.63
chainlink
Chainlink (LINK) $ 15.45
near
NEAR Protocol (NEAR) $ 6.96
matic-network
Polygon (MATIC) $ 0.751202
internet-computer
Internet Computer (ICP) $ 14.70
litecoin
Litecoin (LTC) $ 87.16
uniswap
Uniswap (UNI) $ 8.10
leo-token
LEO Token (LEO) $ 5.74
dai
Dai (DAI) $ 1.00
hedera-hashgraph
Hedera (HBAR) $ 0.129521
blockstack
Stacks (STX) $ 2.89
first-digital-usd
First Digital USD (FDUSD) $ 1.00
aptos
Aptos (APT) $ 9.84
ethereum-classic
Ethereum Classic (ETC) $ 27.95
mantle
Mantle (MNT) $ 1.15
crypto-com-chain
Cronos (CRO) $ 0.131854
render-token
Render (RNDR) $ 9.15
filecoin
Filecoin (FIL) $ 6.45
immutable-x
Immutable (IMX) $ 2.39
stellar
Stellar (XLM) $ 0.119355
cosmos
Cosmos Hub (ATOM) $ 8.83
dogwifcoin
dogwifhat (WIF) $ 3.34
okb
OKB (OKB) $ 55.55
pepe
Pepe (PEPE) $ 0.000008
bittensor
Bittensor (TAO) $ 495.98
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,156.35
arbitrum
Arbitrum (ARB) $ 1.18
vechain
VeChain (VET) $ 0.042251
xtcom-token
XT.com (XT) $ 3.05
kaspa
Kaspa (KAS) $ 0.128912
the-graph
The Graph (GRT) $ 0.293226
maker
Maker (MKR) $ 2,988.07
optimism
Optimism (OP) $ 2.56
fetch-ai
Fetch.ai (FET) $ 2.52