Ethereum Stalls at $3,700 – Is the Bull Run Losing Steam?

Ethereum's rally hits a wall as prices struggle to break past $3,700. Traders are left wondering: is this the calm before another surge—or the start of a deeper correction?

Market watchers are split. Some see this as a healthy consolidation before ETH retests its all-time highs. Others point to overleveraged longs and whisper 'liquidation cascade.'

The smart money's watching two key levels: a hold above $3,500 could signal accumulation, while a drop below might trigger stop-loss panic. Meanwhile, Bitcoin maximalists are (as always) predicting ETH's imminent irrelevance—between golf games at their Bahamas crypto conferences.

One thing's certain: in crypto, the only 'support' you can count on is the kind that disappears the moment you lean on it.

Ethereum Price Dips Below $3,600

Ethereum price started a fresh increase from the $3,365 support zone, beating Bitcoin. ETH price was able to recover above the $3,400 and $3,500 resistance levels.

There was a MOVE above the 50% Fib retracement level of the downward move from the $3,877 swing high to the $3,369 low. The bulls even pushed the price above the $3,700 resistance zone. However, the bears remained active near the $3,750 zone.

The 61.8% Fib retracement level of the downward move from the $3,877 swing high to the $3,369 low acted as a resistance. The price started another decline below $3,700. There was a break below a key bullish trend line with support at $3,620 on the hourly chart of ETH/USD.

Ethereum price is now trading below $3,600 and the 100-hourly Simple Moving Average. On the upside, the price could face resistance near the $3,620 level. The next key resistance is near the $3,700 level.

The first major resistance is near the $3,750 level. A clear move above the $3,750 resistance might send the price toward the $3,820 resistance. An upside break above the $3,820 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,000 resistance zone or even $4,120 in the near term.

More Losses In ETH?

If ethereum fails to clear the $3,620 resistance, it could start a fresh decline. Initial support on the downside is near the $3,550 level. The first major support sits near the $3,510 zone.

A clear move below the $3,510 support might push the price toward the $3,420 support. Any more losses might send the price toward the $3,350 support level in the near term. The next key support sits at $3,220.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 zone.

Major Support Level – $3,550

Major Resistance Level – $3,750