{"id":1971,"date":"2024-12-23T06:00:30","date_gmt":"2024-12-23T06:00:30","guid":{"rendered":"https:\/\/ad-doge.com\/blog\/ethereum-price-back-in-the-red-a-deeper-drop-ahead\/"},"modified":"2024-12-23T06:00:30","modified_gmt":"2024-12-23T06:00:30","slug":"ethereum-price-back-in-the-red-a-deeper-drop-ahead","status":"publish","type":"post","link":"https:\/\/ad-doge.com\/blog\/ethereum-price-back-in-the-red-a-deeper-drop-ahead\/","title":{"rendered":"Ethereum Price Back In The Red: A Deeper Drop Ahead?"},"content":{"rendered":"<p><em>Ethereum price extended losses and dropped below the $3,550 zone. ETH is showing bearish signs and might decline further below the $3,150 level.<\/em><\/p>\n<ul>\n<li>Ethereum started a fresh decline below the $3,550 zone.<\/li>\n<li>The price is trading below $3,500 and the 100-hourly Simple Moving Average.<\/li>\n<li>There is a key bearish trend line forming with resistance at $3,420 on the hourly chart of ETH\/USD (data feed via Kraken).<\/li>\n<li>The pair could continue to move down if it fails to stay above the $3,550 support zone.<\/li>\n<\/ul>\n<h2>Ethereum Price Drops Below $3,550<\/h2>\n<p>Ethereum price struggled to start a fresh increase above the $3,550 level and extended losses like Bitcoin. ETH gained bearish momentum below the $3,450 level and traded below $3,300.<\/p>\n<p>It even dived below $3,220 and spiked below the $3,120 level. A low was formed at $3,100 and the price is now consolidating losses. There was a close below the 50% Fib retracement level of the recovery wave from the $3,100 swing low to the $3,553 high.<\/p>\n<p>Ethereum price is now trading below $3,500 and the 100-hourly Simple Moving Average. There is also a key bearish trend line forming with resistance at $3,420 on the hourly chart of ETH\/USD.<\/p>\n<p>The pair is now testing the 76.4% Fib retracement level of the recovery wave from the $3,100 swing low to the $3,553 high. On the upside, the price seems to be facing hurdles near the $3,350 level. The first major resistance is near the $3,400 level.<\/p>\n<p><img decoding=\"async\" data-recalc-dims=\"1\" class=\"size-full wp-image-666291\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2024\/12\/Ethereum_02c5d0.png?resize=1024%2C478\" alt=\"Ethereum Price \" width=\"1024\" height=\"478\" loading=\"lazy\" \/><\/p>\n<p>The main resistance is now forming near $3,420. A clear move above the $3,420 resistance might send the price toward the $3,500 resistance. An upside break above the $3,500 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,550 resistance zone or even $3,650.<\/p>\n<h2>More Losses In ETH?<\/h2>\n<p>If Ethereum fails to clear the $3,420 resistance, it could continue to move down. Initial support on the downside is near the $3,200 level. The first major support sits near the $3,120 zone.<\/p>\n<p>A clear move below the $3,120 support might push the price toward the $3,050 support. Any more losses might send the price toward the $3,000 support level in the near term. The next key support sits at $2,880.<\/p>\n<p>Technical Indicators<\/p>\n<p>Hourly MACD<strong> \u2013 <\/strong>The MACD for ETH\/USD is gaining momentum in the bearish zone.<\/p>\n<p>Hourly RSI<strong> &#8211; <\/strong>The RSI for ETH\/USD is now below the 50 zone.<\/p>\n<p>Major Support Level \u2013 $3,120<\/p>\n<p>Major Resistance Level \u2013 $3,420<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum price extended losses and dropped below the $3,550 zone. ETH is showing bearish signs and might decline further below the $3,150 level. Ethereum started a fresh decline below the $3,550 zone. The price is trading below $3,500 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance at&hellip;<\/p>\n","protected":false},"author":1,"featured_media":1972,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[141],"tags":[69,153,71,72,73],"class_list":["post-1971","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-eth","tag-eth","tag-ethbtc","tag-ethereum","tag-ethusd","tag-ethusdt"],"_links":{"self":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts\/1971","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/comments?post=1971"}],"version-history":[{"count":0,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts\/1971\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/media\/1972"}],"wp:attachment":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/media?parent=1971"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/categories?post=1971"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/tags?post=1971"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}