Ethereum Drop 10% on the Day, and it’s Vulnerable For Bigger Decline

Ethereum declined heavily below the $3,680 support against the US Dollar. ETH price is sliding and there is a risk of a move towards the $3,200 level.

Ethereum started another decline from the $3,750 resistance zone.
The price is trading below $3,550 and the 100 hourly simple moving average.
There was a break below a key contracting triangle with support near $3,800 on the hourly chart of ETH/USD (data feed via Kraken).
The pair remains at a risk of a larger decline below the $3,400 level.

Ethereum Price Eyes More Downsides
Ethereum failed to clear the $3,850 resistance level and started a major decline. ETH declined below the $3,750 and $3,700 support levels to move into a bearish zone.
Besides, there was a break below a key contracting triangle with support near $3,800 on the hourly chart of ETH/USD. There was a close below the $3,600 level and the 100 hourly simple moving average. The bears even pushed the price below the $3,500 level.
A low was formed near $3,411 and the price is now struggling to recover. Ether price is now trading below $3,550 and the 100 hourly simple moving average. An immediate resistance is near the $3,500 level. It is near the 23.6% Fib retracement level of the downward move from the $3,847 swing high to $3,411 low.
The next major resistance is near the $3,630 level. It is close to the 50% Fib retracement level of the downward move from the $3,847 swing high to $3,411 low.

Source: ETHUSD on TradingView.com
A clear upside break above the $3,630 level could spark a decent recovery wave. Any more gains could send the price towards the $3,700 level. The next main resistance is near the $3,750 level and the 100 hourly simple moving average.
More Losses in ETH?
If ethereum fails to start a fresh increase above the $3,550 level, it could continue to move down. An initial support on the downside is near the $3,420 level.
The first key support is now forming near the $3,400 level. A downside break below the $3,400 level might lead the price towards the key $3,320 support in the near term. The next major support is near the $3,200 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now gaining pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is in the oversold region.
Major Support Level – $3,400
Major Resistance Level – $3,550

David Guttenberg
David Guttenberg
David joined Blockstory as a news reporter in February 2021 after writing widely about crypto and blockchain for two years in other roles. Away from crypto, David is a keen runner and fan of all things sport. He holds small amounts of BTC, ETH, ADA, and LTC.

Related Articles

Stay Connected

22,014FansLike
3,131FollowersFollow
0SubscribersSubscribe
- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 34,768.00
ethereum
Ethereum (ETH) $ 2,362.06
tether
Tether (USDT) $ 0.996044
binance-coin
Binance Coin (BNB) $ 360.19
usd-coin
USD Coin (USDC) $ 1.00
cardano
Cardano (ADA) $ 1.03
xrp
XRP (XRP) $ 0.588405
solana
Solana (SOL) $ 85.78
terra-luna
Terra (LUNA) $ 62.66
polkadot
Polkadot (DOT) $ 16.96
dogecoin
Dogecoin (DOGE) $ 0.132964
avalanche-2
Avalanche (AVAX) $ 59.35
binance-usd
Binance USD (BUSD) $ 0.994442
shiba-inu
Shiba Inu (SHIB) $ 0.000021
terrausd
TerraUSD (UST) $ 0.997303
matic-network
Polygon (MATIC) $ 1.41
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 34,827.00
dai
Dai (DAI) $ 0.999014
crypto-com-chain
Crypto.com Coin (CRO) $ 0.358346
cosmos
Cosmos (ATOM) $ 31.27
litecoin
Litecoin (LTC) $ 104.71
chainlink
Chainlink (LINK) $ 14.89
near
Near (NEAR) $ 10.07
algorand
Algorand (ALGO) $ 0.876956
tron
TRON (TRX) $ 0.054436
bitcoin-cash
Bitcoin Cash (BCH) $ 284.09
okb
OKB (OKB) $ 19.67
fantom
Fantom (FTM) $ 2.01
ftx-token
FTX Token (FTT) $ 33.78
uniswap
Uniswap (UNI) $ 10.24
magic-internet-money
Magic Internet Money (MIM) $ 0.998727
stellar
Stellar (XLM) $ 0.184523
staked-ether
Lido Staked Ether (STETH) $ 2,363.05
internet-computer
Internet Computer (ICP) $ 19.38
hedera-hashgraph
Hedera (HBAR) $ 0.200761
axie-infinity
Axie Infinity (AXS) $ 48.75
leo-token
LEO Token (LEO) $ 3.50
vechain
VeChain (VET) $ 0.047705
compound-ether
cETH (CETH) $ 47.46
ethereum-classic
Ethereum Classic (ETC) $ 23.55
klay-token
Klaytn (KLAY) $ 1.18
cdai
cDAI (CDAI) $ 0.021784
filecoin
Filecoin (FIL) $ 17.93
monero
Monero (XMR) $ 146.47
the-sandbox
The Sandbox (SAND) $ 2.84
frax
Frax (FRAX) $ 0.996515
decentraland
Decentraland (MANA) $ 1.92
elrond-erd-2
Elrond (EGLD) $ 121.91
theta-token
Theta Network (THETA) $ 2.47
tezos
Tezos (XTZ) $ 2.77