Ethereum price failed to clear the $3,400 resistance and extended losses. ETH is struggling and might continue to move down if it stays below $3,400.

Ethereum Price Extend LossesEthereum price failed to start a recovery wave above the $3,400 level and extended losses like Bitcoin. ETH declined below the $3,350 and $3,320 support levels.There was a clear move below $3,250 and $3,220. A low was formed at $3,159 and the price is now consolidating below the 23.6% Fib retracement level of the recent decline from the $3,742 swing high to the $3,159 low. There is also a connecting bearish trend line forming with resistance at $3,300 on the hourly chart of ETH/USD.Ethereum price is now trading below $3,320 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,300 level and the trend line.The first major resistance is near the $3,400 level. The main resistance is now forming near $3,450 and the 50% Fib retracement level of the recent decline from the $3,742 swing high to the $3,159 low. A clear move above the $3,450 resistance might send the price toward the $3,500 resistance. An upside break above the $3,500 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,550 resistance zone or even $3,650 in the near term.
 More Losses In ETH?If Ethereum fails to clear the $3,300 resistance, it could start another decline. Initial support on the downside is near the $3,200 level. The first major support sits near the $3,160.A clear move below the $3,160 support might push the price toward the $3,080 support. Any more losses might send the price toward the $3,050 support level in the near term. The next key support sits at $3,000.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 – $3,160Major Resistance Level – $3,300More By This Author:Bitcoin Accumulation Trend Score Turns Red: More Decline Coming?XRP Price Stays Steady: Will Consolidation End Soon?Bitcoin Faces Mixed Signals: Institutional Investors Accumulate Amid Retail Weakness