Ethereum's price recently plunged below $3,680, showing weakness as it slipped over 7%. The cryptocurrency is currently trading below $3,550 and the 100-hourly Simple Moving Average. Ethereum has formed a bearish trend line, with crucial resistance at $3,650 on the ETH/USD hourly chart, suggesting potential continued downward movement.
The price dipped below $3,600, spiked under $3,420, and has since consolidated around $3,324. Resistance remains near $3,510 and $3,650, posing a challenge for a price increase. Should Ethereum surpass $3,715, it may aim for the $3,800 resistance and possibly reach $4,000 if the bullish momentum increases.
If Ethereum fails to break $3,650 resistance, further declines are probable, with initial support levels near $3,350 and major support around $3,320. Falling below these may trigger further losses to $3,250 and $3,150. Technical indicators show a bearish trend, with the MACD gaining bearish momentum and RSI below 50.
