ETH DROPS SHARPLY 💥 — CAN THE MARKET RECOVER FROM A 10% PLUNGE?
Ethereum's price has dipped below $3,550, with further declines possible if it stays under $3,500.
After failing to break the $3,650 mark, ETH has returned to a bearish trend. It is now trading below $3,500 and the 100-hour SMA.
The hourly chart shows a negative trend line, with resistance around $3,450. If ETH drops below $3,200, further losses may follow.
Ethereum fell below $3,350 but found support near $3,050, where bulls stepped in. The price has been consolidating losses since the $3,058 low, and a rebound occurred above the 23.6% Fib retracement level.
With resistance at $3,350 and $3,480, ETH faces challenges on the upside. A break above $3,500 could push it toward $3,550, with potential for further gains toward $3,750 or $3,800.
More losses are possible if ETH fails to break $3,500. Support levels to watch are at $3,250, $3,200, and $3,120. If these levels fail, ETH could test $3,050 and $3,000.
Major Support: $3,200
Major Resistance: $3,500