Ethereum is about to start a new round of decline?

Price Overview

Ethereum (ETH) recently failed to break through the key $3,500 resistance level and subsequently started a new round of decline. ETH fell below the $3,400 support level and fell by more than 8%.

Market trend analysis

The ETH/USD hourly chart shows that Ethereum has broken through the key descending channel with support near $3,380. The price further fell below $3,200 and tested the low of $3,180. Currently, ETH is trading below $3,400 and the 100 hourly simple moving average, showing obvious signs of decline.

Key resistance and support levels

If Ethereum rebounds, it may encounter resistance near $3,250, which coincides with the 23.6% Fibonacci retracement level from the $3,500 high to the $3,183 low. The first major resistance level is around $3,300, while the second major hurdle is around $3,350, corresponding to the 50% Fibonacci retracement level of the downward move.

Future Trends

If a close above $3,350 is achieved, ETH may retest the $3,380 resistance level. However, the current price action shows downward pressure, and the probability of further decline in the short term is high. #美国以太坊现货ETF开始交易 #美国大选如何影响加密产业？ #山寨季何时到来？ #ETH投资 #预测 $ETH $BTC $WLD