Ethereum Price Analysis: Dip Below $3600, Pullback Brewing?

Ethereum (ETH) price action shows a recent decline below the $3,600 mark and the 100-hourly Simple Moving Average. After recovering from the $3,365 support and surpassing the $3,400 and $3,500 resistance levels, ETH experienced a setback near the $3,750 zone and broke below a key bullish trend line at $3,620. The price is now facing support at $3,550, with further support levels at $3,510, $3,420, $3,350, and $3,220. Resistance levels lie at $3,620, $3,700, $3,750, $3,820, and $4,000. Technical indicators such as the hourly MACD and RSI are currently bearish, suggesting further downward momentum. The price's inability to break above the $3,620 resistance could signal a more significant decline, while a decisive move above $3,750 might propel ETH towards the $4,000 mark. The overall situation presents a mixed outlook for ETH, with the potential for both further losses and a bullish recovery depending on whether it can break key resistance or support levels. The $3,500 level remains a key short-term support zone; a breach below this level could intensify the downward pressure. Conversely, a sustained rally above $3,750 would signal a shift in market sentiment. The Fibonacci retracement levels, derived from the recent swing high and low, have also played a significant role in price action, acting as both support and resistance points. The current situation suggests a period of consolidation or a potential pullback is underway, making it crucial to monitor the price action around the key support and resistance levels mentioned above.

(Source: https://www.newsbtc.com/analysis/eth/ethereum-price-falters-above-3700/)