Ethereum Price Falters Above $3,700 – Is a Pullback Brewing?

Ethereum price found support near the $3,400 zone and recovered. ETH is struggling to settle above $3,700 and might dip once again.

• Ethereum started a fresh increase above the $3,440 and $3,500 levels.
• The price is trading below $3,620 and the 100-hourly Simple Moving Average.
• There was a break below a key bullish trend line with support at $3,620 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a fresh increase if it remains supported above the $3,500 zone in the near term.

Ethereum price started a fresh increase from the $3,365 support zone, beating Bitcoin. ETH price was able to recover above the $3,400 and $3,500 resistance levels.

There was a move above the 50% Fib retracement level of the downward move from the $3,877 swing high to the $3,369 low. The bulls even pushed the price above the $3,700 resistance zone. However, the bears remained active near the $3,750 zone.

The 61.8% Fib retracement level of the downward move from the $3,877 swing high to the $3,369 low acted as a resistance. The price started another decline below $3,700. There was a break below a key bullish trend line with support at $3,620 on the hourly chart of ETH/USD.

Ethereum price is now trading below $3,600 and the 100-hourly Simple Moving Average. On the upside, the price could face resistance near the $3,620 level. The next key resistance is near the $3,700 level.

The first major resistance is near the $3,750 level. A clear move above the $3,750 resistance might send the price toward the $3,820 resistance. An upside break above the $3,820 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,000 resistance zone or even $4,120 in the near term.

If Ethereum fails to clear the $3,620 resistance, it could start a fresh decline. Initial support on the downside is near the $3,550 level. The first major support sits near the $3,510 zone.

A clear move below the $3,510 support might push the price toward the $3,420 support. Any more losses might send the price toward the $3,350 support level in the near term. The next key support sits at $3,220.

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 – $3,550

Major Resistance Level – $3,750