{"id":34013,"date":"2025-01-08T03:28:49","date_gmt":"2025-01-08T03:28:49","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=34013"},"modified":"2025-01-08T03:28:49","modified_gmt":"2025-01-08T03:28:49","slug":"ethereum-price-drops-back-another-test-for-support-levels","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=34013","title":{"rendered":"Ethereum Price Drops Back: Another Test for Support Levels"},"content":{"rendered":"

Ethereum price failed to clear the $3,750 resistance and trimmed gains. ETH is back to $3,350 and might struggle to start a fresh increase.<\/em><\/p>\n

Ethereum started a fresh decline from the $3,750 zone.
\nThe price is trading below $3,550 and the 100-hourly Simple Moving Average.
\nThere was a break below a connecting bullish trend line with support at $3,675 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could struggle to start a fresh increase above the $3,450 resistance level.<\/p>\n

Ethereum Price Dips Over 8%<\/h2>\n

Ethereum price remained stable above the $3,650 level and extended its upward move like Bitcoin<\/a>. ETH gained pace for a move above the $3,680 and $3,700 resistance levels.<\/p>\n

However, the bulls failed to push the price above the $3,750 resistance. A high was formed at $3,742 and the price started a fresh decline. There was a clear move below $3,650 and $3,550. There was also a break below a connecting bullish trend line with support at $3,675 on the hourly chart of ETH\/USD.<\/p>\n

A low was formed at $3,356 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 $3,356 low.<\/p>\n

Ethereum price is now trading below $3,550 and the 100-hourly Simple Moving Average<\/a>. On the upside, the price seems to be facing hurdles near the $3,450 level. The first major resistance is near the $3,500 level. The main resistance is now forming near $3,550 or the 50% Fib retracement level of the recent decline from the $3,742 swing high to the $3,356 low.<\/p>\n

<\/a><\/p>\n

A clear move above the $3,550 resistance might send the price toward the $3,650 resistance. An upside break above the $3,650 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,750 resistance zone or even $3,880 in the near term.<\/p>\n

More Losses In ETH?<\/h2>\n

If Ethereum fails to clear the $3,450 resistance, it could start another decline. Initial support on the downside is near the $3,350 level. The first major support sits near the $3,320.<\/p>\n

A clear move below the $3,320 support might push the price toward the $3,250 support. Any more losses might send the price toward the $3,150 support level in the near term. The next key support sits at $3,120.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is gaining momentum in the bearish zone.<\/p>\n

Hourly RSI \u2013 <\/strong>The RSI for ETH\/USD is now below the 50 zone.<\/p>\n

Major Support Level \u2013 $3,350<\/p>\n

Major Resistance Level \u2013 $3,450<\/p>","protected":false},"excerpt":{"rendered":"

Ethereum price failed to clear the $3,750 resistance and trimmed gains. ETH is back to $3,350 and might struggle to start a fresh increase. Ethereum started a fresh decline from the $3,750 zone. The price is trading below $3,550 and the 100-hourly Simple Moving Average. There was a break below a connecting bullish trend line […]<\/p>\n","protected":false},"author":0,"featured_media":34014,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-34013","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/34013"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=34013"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/34013\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/34014"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=34013"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=34013"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=34013"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}