Ethereum Price Falls 5%: Correction Or Start Of A Bigger Slide? -

Ethereum Price Falls 5%: Correction Or Start Of A Bigger Slide?

Dec 19, 2024Jeremy ParkinsonFinance0

Ethereum price started a sharp decline below the $3,880 zone. ETH is down over 5% and is showing bearish signs below the $3,680 level.

Ethereum started a fresh decline below the $3,800 zone.

The price is trading below $3,680 and the 100-hourly Simple Moving Average.

There is a new connecting bearish trend line forming with resistance at $3,800 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could continue to move down if it fails to stay above the $3,550 support zone.

Ethereum Price Dives Below $3,800Ethereum price struggled to stay above the $3,880 level and started a fresh decline like Bitcoin. ETH gained bearish momentum below the $3,800 level and dived below $3,680.It even dived below $3,600 and spiked below the $3,550 level. A low was formed at $3,543 and the price is now consolidating losses. There is also a new connecting bearish trend line forming with resistance at $3,800 on the hourly chart of ETH/USD.Ethereum price is now trading below $3,620 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,670 level. It is close to the 23.6% Fib retracement level of the downward move from the $4,105 swing high to the $3,537 low.The first major resistance is near the $3,800 level or the 50% Fib retracement level of the downward move from the $4,107 swing high to the $3,837 low. The main resistance is now forming near $3,880. A clear move above the $3,880 resistance might send the price toward the $4,000 resistance. An upside break above the $4,000 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,150 resistance zone or even $4,220.
More Losses In ETH?If Ethereum fails to clear the $3,680 resistance, it could continue to move down. Initial support on the downside is near the $3,550 level. The first major support sits near the $3,500 zone.A clear move below the $3,500 support might push the price toward the $3,450 support. Any more losses might send the price toward the $3,350 support level in the near term. The next key support sits at $3,220.Technical IndicatorsHourly 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 – $3,550Major Resistance Level – $3,680More By This Author:Ethereum Spot ETFs Witness Unbroken 16-Day Inflow Streak: New ETH ATH Soon?Ethereum Sees Net Outflows On Spot Exchanges – Is A Major Price Rally Coming? Bitcoin Top Here? What Historical HODLer Selloff Pattern Says