Ethereum Price Drops Amid Bitcoin Bearish Whorl; Faces Resistance at $3,465

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A muted bout of resistance thwarted the ascent of Ethereum’s price beyond the $3,550 mark, resulting in a cutback in gains. As Bitcoin succumbed to a bearish whorl, the cryptocurrency commonly referred to as ETH, was sucked into the tempest too, chancing an excursion to the tumultuous $3,385 zone.

Ethereum finds itself shaving off the earnings secured from challenging the $3,550 resistance zone. Presently, it hovers beneath the $3,500 threshold and skates under the 100-hourly Simple Moving Average. A consequential bearish trend line has carved its way onto the scene with resistance making its presence felt near $3,465 on the hourly chart of ETH/USD data, delivered via Kraken. If the cryptocurrency stumbles below the safety nets of $3,385 and $3,350, it could find itself embroiled in a bearish furor.

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Ethereum’s price, despite a spirited attempt, was balked at revving up a fresh hike beyond the $3,550 sphere. Following suit with Bitcoin’s bearish trajectory, Ethereum’s price curved downwards, barely skirting below the $3,500 border. The bears took control, nudging the price lower than the $3,420 buffer zone. The lowest ebb was inked at $3,388, with the cryptocurrency now centering its efforts around consolidating these losses.

Ethereum is locked in a struggle near the 23.6% Fib retracement level of its recent downslope from the $3,543 high to the low of $3,388. Now tucked under $3,500 and underperforming to the 100-hourly Simple Moving Average, Ethereum has a resistant ceiling ready to bounce it back at almost $3,430. Its first formidable resistance lies lurking near the $3,465 region and the trend line.

Beside the trend line, approximately 50% Fib retracement level of the recent plummet from the $3,543 high to a low of $3,388 awaits. A principal resistance is at $3,520 or $3,550. If Ethereum can induce a rally over the $3,550 resistance, it might find itself propelled even higher, with the next significant obstacle situated at $3,650. If Ethereum can maintain upward mobility, it could surge towards the $3,720 area. Any additional increments could catapult Ether towards the $3,880 resistance zone in the coming tenure.

On the flip side, more losses could be in the cards for ETH if it does not muster enough strength to clear the $3,465 resistance. Its first port of call on this unwelcome descent is near $3,385, with a substantial support situated in the vicinity of the $3,350. A plunge below the $3,350 buffer could put Ethereum on a downward spiral to approximately $3,220. Any futher backsliding might slide Ethereum to almost $3,100 in the near future.

In terms of technical indicators, ETH/USD’s MACD is picking up pace in the bearish sector, and its RSI has dipped below the 50-zone. It’s resting on a major support level of $3,350 and faces a significant resistance level at $3,465.