Ethereum Price Back In The Red: A Deeper Drop Ahead?

Source Newsbtc

Ethereum price extended losses and dropped below the $3,550 zone. ETH is showing bearish signs and might decline further below the $3,150 level.

  • Ethereum started a fresh decline below the $3,550 zone.
  • The price is trading below $3,500 and the 100-hourly Simple Moving Average.
  • There is a key bearish trend line forming with resistance at $3,420 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to move down if it fails to stay above the $3,550 support zone.

Ethereum Price Drops Below $3,550

Ethereum price struggled to start a fresh increase above the $3,550 level and extended losses like Bitcoin. ETH gained bearish momentum below the $3,450 level and traded below $3,300.

It even dived below $3,220 and spiked below the $3,120 level. A low was formed at $3,100 and the price is now consolidating losses. There was a close below the 50% Fib retracement level of the recovery wave from the $3,100 swing low to the $3,553 high.

Ethereum price is now trading below $3,500 and the 100-hourly Simple Moving Average. There is also a key bearish trend line forming with resistance at $3,420 on the hourly chart of ETH/USD.

The pair is now testing the 76.4% Fib retracement level of the recovery wave from the $3,100 swing low to the $3,553 high. On the upside, the price seems to be facing hurdles near the $3,350 level. The first major resistance is near the $3,400 level.

Ethereum Price

The main resistance is now forming near $3,420. A clear move above the $3,420 resistance might send the price toward the $3,500 resistance. An upside break above the $3,500 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,550 resistance zone or even $3,650.

More Losses In ETH?

If Ethereum fails to clear the $3,420 resistance, it could continue to move down. Initial support on the downside is near the $3,200 level. The first major support sits near the $3,120 zone.

A clear move below the $3,120 support might push the price toward the $3,050 support. Any more losses might send the price toward the $3,000 support level in the near term. The next key support sits at $2,880.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 zone.

Major Support Level – $3,120

Major Resistance Level – $3,420

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
The $589 XRP Dream: Believers Aren’t ‘Delusional’ Enough, Expert SaysA known market analyst sees the $6 per coin prediction for XRP crypto being claimed by some experts as too conservative.
Author  NewsBTC
Dec 17, Tue
A known market analyst sees the $6 per coin prediction for XRP crypto being claimed by some experts as too conservative.
placeholder
Nvidia vs. Broadcom: Which Is the Better AI Chip Stock to Own in 2025?When it came to artificial intelligence (AI) infrastructure in 2024, Nvidia (NASDAQ: NVDA) reigned supreme.
Author  The Motley Fool
Dec 19, Thu
When it came to artificial intelligence (AI) infrastructure in 2024, Nvidia (NASDAQ: NVDA) reigned supreme.
placeholder
Crude Oil set for weekly loss as Fed cuts off any rally attemptOil prices saw recovery attempts fail and edges lower for the fifth consecutive day on Friday.
Author  FXStreet
Dec 20, Fri
Oil prices saw recovery attempts fail and edges lower for the fifth consecutive day on Friday.
placeholder
US Dollar hits fresh two-year high ahead of PCE inflationThe US Dollar (USD) retreats slightly on Friday, with the DXY Index trading at around 108.20 after eking out another fresh two-year high of 108.55 during the Asian-Pacific trading session. The move was supported by rising US Treasury yields, widening
Author  FXStreet
Dec 20, Fri
The US Dollar (USD) retreats slightly on Friday, with the DXY Index trading at around 108.20 after eking out another fresh two-year high of 108.55 during the Asian-Pacific trading session. The move was supported by rising US Treasury yields, widening
placeholder
Is Google’s quantum tech Willow a threat to Bitcoin’s security?Google just dropped Willow, a quantum chip that redefines what “fast” and “accurate” even mean. This isn’t your typical tech innovation. Willow can perform calculations in under five minutes, which would take the fastest supercomputers 10 septillion years to crack. That’s 10,000,000,000,000,000,000,000,000 years. Let that sink in. But while tech enthusiasts are celebrating, Bitcoin holders […]
Author  Cryptopolitan
7 hours ago
Google just dropped Willow, a quantum chip that redefines what “fast” and “accurate” even mean. This isn’t your typical tech innovation. Willow can perform calculations in under five minutes, which would take the fastest supercomputers 10 septillion years to crack. That’s 10,000,000,000,000,000,000,000,000 years. Let that sink in. But while tech enthusiasts are celebrating, Bitcoin holders […]
goTop
quote