The price of Ethereum (ETH) has been unable to overcome resistance at $3,450 and has experienced further losses. If the price remains below $3,500, it is likely to continue moving downwards. ETH has also failed to initiate a recovery above the $3,500 level, following a similar pattern to Bitcoin. It has dropped below support levels at $3,450 and $3,400, and is currently consolidating below the 23.6% Fibonacci retracement level. There is a bearish trend line forming with resistance at $3,340. Ethereum is currently trading below $3,400 and the 100-hourly Simple Moving Average, facing obstacles near the $3,350 level and the trend line. The first significant resistance is at around $3,475, with the main resistance at $3,500. A breakout above this level may lead to further gains. Conversely, if Ethereum fails to clear the $3,400 resistance, it could experience another decline. Initial support lies at $3,280, with major support at $3,220. Additional losses may push the price towards the $3,150 support level, with the next key support at $3,000. The MACD indicates bearish momentum, while the RSI is below the 50 zone. The major support level is at $3,250, while the major resistance level is at $3,400.



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