Lo! The price of Ethereum, that most fickle of beasts, found a momentary reprieve near the $3,400 threshold, yet its ascent beyond $3,700 remains as elusive as a whisper in a storm. A pullback, perhaps? Or merely the capricious dance of the bears and bulls?
- Behold, Ethereum embarked upon a fresh ascent, scaling the heights of $3,440 and $3,500, as if seeking to touch the heavens of prosperity.
- Yet, the price now lingers beneath $3,620, that most stubborn of barriers, and the 100-hourly Simple Moving Average, that most fickle of indicators, now lies beneath it.
- A break below the key bullish trend line, that sacred support at $3,620, has occurred upon the hourly chart of ETH/USD, a portent of doom for the hopeful.
- Should the price remain fortified above the $3,500 zone, a new ascent may yet be kindled, though the fates of the market are as unpredictable as the whims of a child.
Ethereum Price Dips Below $3,600
With a sigh, Ethereum’s price ascended from the $3,365 support zone, outpacing its sibling, Bitcoin. The bulls, emboldened, pushed the price above $3,400 and $3,500, as if to claim the throne of the market.
A move above the 50% Fib retracement level of the downward spiral from the $3,877 swing high to the $3,369 low was achieved, yet the bears, ever vigilant, gathered near the $3,750 zone, their claws bared.
The 61.8% Fib retracement level, that most treacherous of resistance, stood firm. The price, like a weary traveler, descended once more below $3,700, and the key bullish trend line at $3,620 was breached, a harbinger of further decline.
Ethereum’s price now languishes below $3,600 and the 100-hourly Simple Moving Average, a shadow of its former self. Should it ascend, the $3,620 level looms as a potential barrier, while the $3,700 resistance awaits, a siren’s call to the desperate.
The first major resistance, that $3,750 level, stands as a fortress. A breach thereof might see the price surge toward $3,820, and beyond, to the $4,000 or even $4,120 realms, if the stars align. Yet, such optimism is as fleeting as a candle in the wind.
More Losses In ETH?
If Ethereum fails to conquer the $3,620 resistance, a fresh descent may commence, as the bears revel in their triumph. The initial support, that $3,550 level, awaits, a lifeline for the desperate.
The first major support, that $3,510 zone, stands as a bulwark. A clear breach below it might send the price hurtling toward $3,420, and further still to $3,350, a descent into the abyss of despair.
The next key support, that $3,220 level, looms as a final refuge. Yet, the market’s cruelty is boundless, and the path downward is strewn with the bones of the hopeful.
Technical Indicators
Hourly MACD – The MACD for ETH/USD, that most reliable of tools, now gains momentum in the bearish zone, a grim omen for the bulls.
Hourly RSI – The RSI for ETH/USD, that most temperamental of indicators, now lingers below the 50 zone, a sign of waning strength.
Major Support Level – $3,550
Major Resistance Level – $3,750
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2025-08-06 06:43