Ethereum price rallied toward $3,850 before crashing. ETH followed Bitcoin, but the bulls are now active near the $3,350 support zone.
- Ethereum traded to a new multi-month high above $3,800 before crashing.
- The price is trading near $3,500 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 resume its increase if it clears the $3,600 resistance zone.
Ethereum Price Takes Major Hit
Ethereum price extended its rally above the $3,650 level, like Bitcoin. BTC surged and even traded to a new all-time high above $69,000. ETH also cleared the $3,800 level before the bears appeared.
There was a strong bearish reaction from the $3,827 high. The price crashed over $500 and traded toward the $3,200 support. There was a break below a key bullish trend line with support at $3,620 on the hourly chart of ETH/USD.More Losses In ETH?
If Ethereum fails to clear the $3,600 resistance, it could start another downside correction. Initial support on the downside is near the $3,440 level.Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $3,400 Major Resistance Level – $3,600