Ethereum, known for its robust performance, had been maintaining its position above the $3,550 level, instilling confidence in investors. However, the downturn caused by Bitcoin’s plunge compromised this upward momentum, leading to a series of fluctuations in Ethereum’s price.

Currently trading below the $3,550 level and the 100-hour Simple Moving Average, Ethereum finds itself in a precarious position. The $3,600 resistance level emerges as a crucial battleground for the digital asset. Breaking through this barrier could pave the way for a resurgence in Ethereum’s upward trajectory. Yet, formidable challenges lie ahead, with bears lurking near resistance levels of $3,650 and $3,680.

The immediate focus for Ethereum enthusiasts is on the $3,630 level, followed closely by critical resistance points at $3,650 and $3,680. Surpassing these levels could herald a significant uptick in momentum for Ethereum, offering a glimmer of hope to investors amidst the uncertainty.

Ethereum, often hailed for its innovative blockchain technology and smart contract capabilities, found itself caught in the wake of Bitcoin’s drop below the $69,000 mark. The sudden downturn sent shockwaves through the cryptocurrency market, causing Ethereum to plummet alongside its counterpart.

At its recent peak, Ethereum had been showcasing robust performance, hovering above the $3,550 level, instilling optimism among investors. Yet, this upward trajectory was abruptly disrupted by BTC’s stumble. Now, the question looms: what lies ahead for Ethereum amidst this uncertainty?

Ethereum Dips Below Key Levels

Following Bitcoin’s lead, Ethereum experienced a sharp decline, dipping below the crucial $3,550 mark and slipping beneath the 100-hour Simple Moving Average. The hourly chart of the ETH/USD pair illustrates a resistance zone forming around the $3,550 threshold, signaling a challenging path ahead for Ethereum.

Amidst this backdrop, Ethereum’s journey towards recovery hinges on its ability to breach the formidable $3,600 resistance level. A breakthrough here could inject fresh momentum into Ethereum’s upward trajectory. However, lurking bears pose a formidable barrier, guarding resistance levels at $3,650 and $3,680.

However, if Ethereum fails to breach the $3,600 resistance, a return to a downward trend becomes increasingly likely. The $3,500 support level serves as the first line of defense, but the true litmus test lies at the $3,475 region. A breach below this critical support could signal further descent towards the $3,450 level, potentially culminating in a journey towards $3,340.

Delving into the technical indicators, the hourly MACD for ETH/USD remains in a bullish trend, albeit with waning momentum. Meanwhile, the RSI languishes below the 50 level, hinting at increased selling pressure in the market. With the key support level set at $3,500 and the primary resistance level at $3,600, Ethereum finds itself at a crossroads, balancing on the tightrope between recovery and regression.

Despite the recent setbacks, Ethereum has repeatedly tested the waters below $3,500 in the recent past. This resilience suggests the potential for a swift recovery, offering solace to investors amidst the tumultuous crypto landscape.

In conclusion, Ethereum’s journey in the crypto market embodies the volatility and unpredictability that define the realm of digital assets. As investors brace themselves for the twists and turns ahead, all eyes remain glued to key resistance levels and technical indicators, awaiting signals of a potential rebound. While uncertainty looms large, the resilience of Ethereum continues to inspire optimism amidst the turbulence of the crypto market.