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Ethereum’s rally stalled below $3,650, and the bears are circling. Having surrendered recent gains, ETH teeters on a knife’s edge. A slip below the $3,360 safety net could trigger a steeper descent. Watch this level closely – it’s make-or-break time for Ethereum.
- Ethereum started a fresh decline after it failed to stay above $3,620.
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The price is trading below $3,550 and the 100-hourly Simple Moving Average. “ETH bulls falter! A critical $3,575 support on Kraken’s hourly chart crumbled beneath the uptrend, signaling a potential shift in momentum.”
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The pair could continue to move down if it settles below the $3,360 zone.
Ethereum Price Dips Again
Ethereum’s price is staging a comeback, mirroring Bitcoin’s surge! After smashing through the $3,400 and $3,550 barriers, ETH set its sights higher. The bulls are in control, driving the price past key resistance points at $3,600 and $3,620.
The bears, however, shadowed Ethereum’s climb, lurking just below $3,650. A peak of $3,658 proved to be a turning point, triggering a retreat. The price buckled, slipping beneath $3,550 as a bullish trendline, once a sturdy support near $3,575 on the hourly ETH/USD chart, shattered.
Ethereum’s bull run hit a snag, slamming into resistance at the 50% Fibonacci retracement of its recent surge from $3,178 to $3,658. Now struggling below $3,550 and the 100-hour Simple Moving Average, the bulls are losing ground.
Ether’s bulls are gearing up for another charge. A surge past $3,500 will test the waters, with $3,520 acting as a crucial gateway. Overcoming the $3,550 barrier could unleash a torrent, propelling Ether towards $3,650 and beyond. A decisive breakthrough here signals a launchpad for further gains, potentially rocketing Ether towards $3,800, and even aiming for $3,880 in the short term. The bulls are ready to ride.
Another Decline In ETH?
Ethereum’s bulls are facing a critical test at $3,550. A failure to breach this barrier could send the crypto giant tumbling. Watch for an initial safety net around $3,420, but the real battleground lies near $3,360. This zone aligns with the 61.8% Fibonacci retracement of the recent surge from $3,178 to $3,658, making it a make-or-break point for Ethereum’s immediate future.
The floor is cracking. Slip below $3,360, and $3,290 is next in freefall. Brace for impact because a deeper plunge eyes the $3,220 zone. The last lines of defense? $3,175 and then $3,150 – hold those, or it’s anyone’s game.
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 – $3,360
Major Resistance Level – $3,550
Thanks for reading Ethereum Pullback Reaches Support — Will Bulls Step In to Defend Territory?
