Ethereum Price Slips: Slow Descent as Market Pressure Mounts

Ethereum price failed to recover above the $3,650 resistance. ETH declined again below the $3,550 level and now shows bearish signs below $3,600. Ethereum started a fresh decline below the $3,550 support zone. The price is trading below $3,550 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance near $3,650 on the hourly chart of ETH/USD (data feed via Kraken). The pair could extend losses if it stays below the $3,650 resistance zone. Ethereum Price Takes Hit Ethereum price attempted a recovery wave but there was no bullish momentum. ETH failed to settle above the $3,650 level and started another decline. There was a steady decline below the $3,600 level. The price declined below the $3,550 support level. A low was formed near $3,430 and the price is now consolidating losses, like Bitcoin. Ethereum is now trading below $3,550 and the 100-hourly Simple Moving Average. There was a minor correction above the $3,480 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $3,710 swing high to the $3,430 low. If there are more gains, the price might face resistance near the $3,550 level. The first major resistance is near the $3,570 level. It is close to the 50% Fib retracement level of the downward move from the $3,710 swing high to the $3,430 low. There is also a key bearish trend line forming with resistance near $3,650 on the hourly chart of ETH/USD. An upside break above the $3,650 resistance might send the price higher. The next key resistance sits at $3,720, above which the price might gain traction and rise toward the $3,820 level. A clear move above the $3,820 level might call for a test of the $3,920 resistance. Any more gains could send Ether toward the $4,000 resistance zone. Another Decline In ETH? If Ethereum fails to clear the $3,550 resistance, it could continue to move down. Initial support on the downside is near $3,475. The next major support is near the $3,430 zone. A clear move below the $3,430 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 losing momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major Support Level – $3,430 Major Resistance Level – $3,550