Ethereum Price Drops Back: Another Test for Support Levels

Jan 8, 2025 04:00 am Cryptocurrency 180

Ethereum price failed to clear the $3,750 resistance and trimmed gains. ETH is back to $3,350 and might struggle to start a fresh increase.

Ethereum started a fresh decline from the $3,750 zone.

The price is trading below $3,550 and the 100-hourly Simple Moving Average.

There was a break below a connecting bullish trend line with support at $3,675 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could struggle to start a fresh increase above the $3,450 resistance level.

Ethereum Price Dips Over 8%

Ethereum price remained stable above the $3,650 level and extended its upward move like Bitcoin. ETH gained pace for a move above the $3,680 and $3,700 resistance levels.

However, the bulls failed to push the price above the $3,750 resistance. A high was formed at $3,742 and the price started a fresh decline. There was a clear move below $3,650 and $3,550. There was also a break below a connecting ..

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