Ethereum Faces New Wave Of Selling — $3,550 Support In Focus

Ethereum's price has fallen below $3,750, initiating a fresh decline akin to Bitcoin's movement. The price dropped below $3,700 and is currently trading below the 100-hourly Simple Moving Average. A contracting triangle pattern is forming with resistance around $3,650, hinting at potential downward movement if $3,550 support fails. Initial support exists around $3,580, with a major support zone at $3,550, the breach of which could push the price towards $3,500. Resistance is observed near $3,650, followed by $3,740 and a significant hurdle at $3,800. Clearing the $3,800 resistance could propel Ethereum towards $3,880 and potentially $4,000. The hourly MACD indicates bearish momentum, while the RSI is below 50. Failure to overcome the $3,800 resistance might trigger further declines towards $3,420 or even lower levels.