Ethereum's price is experiencing a downtrend, beginning from the $3,550 resistance level. The cryptocurrency's value is trading below both $3,450 and the 100-hourly Simple Moving Average. A key development was the breach of a supporting bullish trend line on the ETH/USD hourly chart, with data from Kraken indicating that Ethereum might gain more bearish momentum by dropping below $3,300.
The cryptocurrency's value saw a decline below the $3,450 and $3,420 support levels, while also dipping beneath the 50% Fibonacci retracement level, from the $3,225 swing low to the $3,543 high. Currently, Ethereum is testing the $3,300 support, standing above the 76.4% Fibonacci retracement level of its previous upward wave.
Despite facing resistance at the $3,380 level, a clear upward break above $3,550 could lead to further gains for Ethereum. Targets may include $3,650, or even $3,720, should the trend reverse. On the downside, failing to surpass the $3,420 resistance might drag Ethereum towards the $3,250 support, and further losses could lead towards $3,220, with the next major support at $3,110.
Technical indicators show that Ethereum is currently losing momentum, evidenced by the MACD trending in the bearish zone and the RSI below the 50 mark.
