Ethereum price failed to clear the $3,650 resistance. ETH declined again after the Fed decision and now shows bearish signs below the $3,550 level.
- Ethereum started a fresh decline below the $3,580 support zone.
- The price is trading below $3,550 and the 100-hourly Simple Moving Average.
- There is a major bearish trend line forming with resistance near $3,610 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could extend losses if it stays below the $3,600 resistance zone.
Ethereum Price Dips Again
Ethereum price attempted a recovery wave above the $3,550 and $3,580 resistance levels. However, ETH failed to settle above the $3,650 level and started another decline. There was a steady decline below the $3,580 level, like Bitcoin.
The price declined below the $3,550 support level. There was a move below the 61.8% Fib retracement level of the upward move from the $3,431 swing low to the $3,655 high.
Ethereum is now trading below $3,550 and the 100-hourly Simple Moving Average. There is also a major bearish trend line forming with resistance near $3,610 on the hourly chart of ETH/USD. If there is a fresh increase, the price might face resistance near the $3,580 level.
The first major resistance is near the $3,600 level and the trend line. An upside break above the $3,600 resistance might send the price higher. The next key resistance sits at $3,650, above which the price might gain traction and rise toward the $3,720 level.
![Ethereum Price Slippery Slope: More Downside Risks in Sight Ethereum Price](https://platoblockchain.com/wp-content/uploads/2024/06/ethereum-price-slippery-slope-more-downside-risks-in-sight.png)
A clear move above the $3,720 level might call for a test of the $3,800 resistance. Any more gains could send Ether toward the $3,880 resistance zone.
More Downsides In ETH?
If Ethereum fails to clear the $3,600 resistance, it could continue to move down. Initial support on the downside is near $3,480 and the 76.4% Fib retracement level of the upward move from the $3,431 swing low to the $3,655 high. The next major support is near the $3,420 zone.
A clear move below the $3,420 support might push the price toward $3,320. Any more losses might send the price toward the $3,250 level in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $3,420
Major Resistance Level – $3,600
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
- Source: https://www.newsbtc.com/analysis/eth/ethereum-price-slope-3550/
- :is
- $3
- 1
- 250
- 320
- 420
- 480
- 50
- 600
- 61
- 610
- 800
- a
- above
- After
- again
- also
- an
- and
- Another
- any
- At
- attempted
- average
- bearish
- bearish signs
- below
- Break
- call
- Chart
- clear
- continue
- could
- data
- decision
- Decline
- declined
- down
- downside
- downsides
- ETH
- ETH/USD
- Ether
- ethereum
- Ethereum Price
- extend
- Face
- Failed
- fails
- Fed
- First
- For
- fresh
- fresh increase
- from
- Gain
- gaining
- Gains
- High
- higher
- However
- HTTPS
- if
- in
- Increase
- initial
- IT
- Key
- key resistance
- Kraken
- Level
- levels
- like
- Line
- losses
- Low
- MACD
- major
- max-width
- might
- Momentum
- more
- move
- moving
- moving average
- Near
- NewsBTC
- next
- now
- of
- on
- pair
- plato
- Plato Data Intelligence
- PlatoData
- price
- price dips
- Push
- recovery
- Resistance
- retracement
- Rise
- risks
- rsi
- send
- settle
- Shows
- Sight
- Signs
- Simple
- sits
- Slope
- started
- stays
- steady
- support
- support level
- Swing
- term
- test
- The
- the Fed
- There.
- to
- toward
- traction
- Trading
- TradingView
- Trend
- Upside
- upward
- via
- was
- Wave
- which
- with
- zephyrnet
- zone