Ethereum Nosedives Below $3,550 Amid Rising Crypto Market Bearishness.

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In the dynamic world of cryptocurrency, Ethereum’s price has battled valiantly against the formidable $3,650 resistance point. It’s a tussle that seems to be tilting in favor of the resistance point as Ethereum began yet another descent. In the balance now hangs the likelihood of steeper dives beneath the $3,420 support cushion.

What started as an optimistic brand new day on Wall Street swiftly turned into a sharp descent, as Ethereum took a nosedive below the $3,550 support zone. At the heart of the trading floor, digital sign boards show Ethereum hovering below $3,540, significantly beneath the 100-hourly Simple Moving Average.

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A grizzly bear seems to have taken over the crypto market as a crucial bearish trend line surfaces, stubbornly establishing its resistance near the $3,550 mark. Analyzing the hourly chart of the ETH to USD conversion, courtesy of real-time data from Kraken, Ethereum might risk more losses if it fails to break through this $3,550 resistance viper’s nest.

In the same way as its digital cousin, Bitcoin, Ethereum found itself grappling against a relentless undertow. High hopes of a resurrection above the resistant $3,550 and $3,580 levels were abruptly dashed. Ethereum stayed caught in a short-term bearish whirlpool, racking up further losses below the harrowing depths of the $3,500 level.

As Ethereum spiraled downwards, it breached the $3,450 safety net, plummeting to a startling low of $3,428. As it stands, Ethereum’s value is huddled within this low alcove, licking its wounds and treading water after the financial turbulence.

There’s been an attempt at rallying, as Ethereum made an incremental climb above the 23.6% Fibonacci retracement level, stagerring from the recent dip from a high point of $3,655 to the distressing low of $3,428. Nevertheless, Ethereum remains adrift under the $3,550 marker and the 100-hourly Simple Moving Average.

Should Ethereum manage to claw upwards, it might slam into the resistent glass ceiling at the $3,540 level and the midway point of the 50% Fibonacci retracement. Ethereum however, also needs to breach the bullish trend line estimated at around $3,550.

Should it persevere and successfully pierce through the thorny resistance at $3,550, the roadway to higher prices might open up for Ethereum. Its next obstacle comes at the $3,650 mark. Overcoming this monumental hurdle could give Ethereum the boost needed to rise to heights of $3,720 and even $3,800.

However, lurking ominously is the persisting prospect of further descents in Ethereum’s price. The sword of Damocles dangles precariously over the head of the $3,420 support. Should this protective barrier give way, Ethereum’s value is likely to cascade towards the worrying low of $3,350. More losses would predict a hard landing at the $3,250 level in the near term.

Turning the pages of technical indicators, there are tell-tale signs of the bearish zone losing its momentum on the Hourly MACD for ETH/USD. Adding onto woes, the RSI for ETH/USD is languishing below the 50-zone, pointing towards a climate of heightened bearishness.