Ethereum Price Drops 8%: What’s Next for the Altcoin Giant?

Ethereum price started a major decline from the $3,500 resistance zone. ETH is down over 8% and might continue to decline toward the $3,120 support. Ethereum is gaining bearish pace from the $3,500 resistance zone. The price is trading below $3,400 and the 100-hourly Simple Moving Average. There was a break below a key declining channel with support at $3,380 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move down toward the $3,120 support zone. Ethereum Price Dives Below $3,350 Ethereum price failed to start a fresh increase above the $3,500 resistance zone. ETH started a fresh decline and traded below the $3,400 support zone. It declined by over 8% more than Bitcoin. There was a break below a key declining channel with support at $3,380 on the hourly chart of ETH/USD. The pair even declined below the $3,200 level and tested $3,180. A low is formed near $3,183 and the price is showing signs of more losses. Ethereum is now trading below $3,400 and the 100-hourly Simple Moving Average. If there is a recovery wave, the price could face resistance near the 23.6% Fib retracement level of the downward move from the $3,500 swing high to the $3,183 low at $3,250. The first major resistance is near the $3,300 level. The next major hurdle is near the $3,350 level and the 50% Fib retracement level of the downward move from the $3,500 swing high to the $3,183 low. A close above the $3,350 level might send Ether toward the $3,380 resistance. The next key resistance is near $3,425. An upside break above the $3,425 resistance might send the price higher toward the $3,500 resistance zone. More Losses In ETH? If Ethereum fails to clear the $3,250 resistance, it could continue to move down. Initial support on the downside is near $3,180. The first major support sits near the $3,120 zone. A clear move below the $3,150 support might push the price toward $3,080. Any more losses might send the price toward the $3,020 support level in the near term. The next key support sits at $2,950. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major Support Level – $3,150 Major Resistance Level – $3,250