Ethereum Price Drops Back: Another Test for Support Levels

Ethereum's upward momentum stalled, failing to breach the $3,750 resistance, leading to a decline. The price now hovers around $3,350, facing resistance at $3,450. A bearish trend line break on the hourly chart indicates potential difficulty for further gains. Ethereum may encounter support at $3,350 but could face further losses if it falls below $3,320. Technical indicators, such as the MACD and RSI, are indicating bearish momentum. Key support levels lie at $3,350 and $3,120, while resistance levels are at $3,450 and $3,550. A clear break above $3,550 could signal a potential upward trend. However, if the price fails to overcome the $3,450 resistance, further declines may occur.