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Crypto

Ethereum Struggles Below $3,550 Resistance

Guavy AI Editorial Team
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BTC ETH
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Ethereum is experiencing its second major dip in recent times, falling short of sustaining momentum above $3,550. The current price movement mirrors Bitcoin's downward trajectory, with Ethereum struggling to break free from bearish pressure.

The price has breached key support thresholds at $3,450 and $3,420, extending below the 50% Fibonacci retracement level taken from the upward surge that started at the $3,225 low. This breach is also visible on the hourly ETH/USD chart, as per data from Kraken.

The hourly MACD for ETH/USD is intensifying its momentum within the bearish domain, while the hourly RSI has slipped below the 50 mark, highlighting increased bearish inclination.

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