Ethereum (ETH) price prediction: key support level $3,520, resistance level $3,670

Ethereum price has started a downward correction from the $3,850 range, and the current price is declining, but it may find buying support near the $3,520 support level.

Ethereum price begins to decline and correct

The Ethereum price has failed to break through the $3,850 level and has begun a downward correction. The price has dropped below the $3,800 and $3,770 support levels and is continuing to decline. This drop has broken through the $3,660 level and has fallen below the 100-hour simple moving average.

Nevertheless, the bulls in the market remain active, especially in the $3,520 support area. If the price can hold above the $3,550 support, ETH is expected to rise again.

Key resistance zone where Ethereum price may rebound

The Ethereum price is currently trading below $3,680, under the 100-hour SMA. Above, ETH may face resistance around the $3,670 area, while resistance may also form around the $3,770 and $3,800 levels. If the price can break through the $3,800 resistance, it may initiate a new rally towards $3,850 and challenge $4,000 or even $4,200.

Downside risks:

If Ethereum fails to break through the resistance at $3,670, it may continue to decline. The initial support level is at $3,600, and the important support area is at $3,570. If it falls below $3,570, the price may further drop to $3,520, or even fall towards $3,450 or $3,320.

Technical Indicator Analysis:

• Hourly MACD: The MACD shows a loss of momentum in the bearish zone, indicating an increase in bearish sentiment in the short term.
• Hourly RSI (Relative Strength Index): The current RSI for ETH/USD is below 50, indicating relative weakness in the market.

Main support level: $3,520

Main resistance level: $3,670