Ethereum’s uphill battle to regain its footing continues as it grapples with a less than optimistic price trajectory. In a disappointing turn of events, attempts to rebound over the $3,650 threshold proved unsuccessful. The result? Ethereum’s worth slipped back under the $3,550 marker and now finds itself demonstrating bearish characteristics below the $3,600 watermark.
An unsettling air of familiarity emerges as Ethereum plunges into another decline beneath the $3,550 buffer zone, reminiscent of an all too recently remembered downward spiral. Its value now hovers beneath both $3,550 and the 100-hourly Simple Moving Average, creating an air of uncertainty around the cryptocurrency’s short-term outlook.
In the hourly rhythms of ETH/USD, as indicated via data from the Kraken exchange, the formation of a pivotal bearish trend line materializes about the $3,650 mark. In this ever-oscillating dance, the potential for deepened losses persists should Ethereum remain shackled below the ambitious $3,650 resistance territory.
In the aftermath of a dashed recovery mission stripped of bullish momentum, Ethereum faltered in its quest to firm its foothold above the elusive $3,650 plateau. The repercussions quickly trickled down, leading to a slow but steady plummet beneath the $3,600 marker.
The fall from grace was not gentle, with Ethereum cascading below the protective $3,550 barrier. The journey downwards bottomed out around the $3,430 echelon, a considerably harrowing plummet from its hopeful ascent. Now attempting to mitigate the fall, Ethereum battles the currents, drawing parallels with the similarly beleaguered Bitcoin. Looming beneath the $3,550 threshold and the 100-hourly Simple Moving Average, Ethereum’s fight to recover is far from over.
However, not all hope evaporates in the economic ether. Amid the choppy sea of losses, Ethereum managed to haul itself marginally above the $3,480 juncture. The cryptocurrency even clawed its way above the 23.6% Fibonacci retracement level, a ladder ascending from the low $3,430 point to the high $3,710 mark. Although a victorious leap above the $3,550 hurdle could potentially keep losses at bay, a ready resistance patiently waits at the $3,570 intersection.
Should Ethereum triumph, the $3,650 bearish trend line resistance becomes a crucial obstacle on its path to recovery. Mounted atop this barrier, the tempting $3,720 resistance beacon beckons further on. Beyond which may lie a grounded potential for Ethereum to hasten its upward trajectory and sprint towards the significant $3,820 level.
Nevertheless, it’s far from a one-way street in this complex crypto dance. Ethereum faces the danger of greater depreciation if it stumbles over the formidable $3,550 blockade. Stiffening the headwinds, initial resistance on the downturn hovers around $3,475, closely followed by the $3,430 barrier. The grim specter of losses may deepen with the further possibility of ETH plunging towards $3,320, if it dramatically undercuts the $3,430 support.
Lastly, two technical indicators bear keeping in mind. The hourly moving average convergence divergence (MACD) for ETH/USD appears to be dissipating its momentum in the bearish territory. Meanwhile, the hourly relative strength index (RSI) for ETH/USD is floundering below the critical 50 marker. As Ethereum navigates these turbulent waters, it is imperative to tread cautiously, with support and resistance levels of $3,430 and $3,550 respectively serving as guiding light-posts in the stormy crypto ocean.
