Analysis: Ethereum tested the $3,600 resistance zone multiple times, failing to move higher

As reported by CryptoPotato, technical analysis conducted by TradingRage shows that the price of Ethereum has been correcting over the past few weeks after reaching a high of $4,000. On the daily time frame, the price has been trading between $3,000 and $3,600. After the recent rejection from the $3,600 area, the market is once again targeting the $3,000 support. The relative strength index also fell below 50%. A break below $3,000 could lead to further declines targeting $2,400 near the 200-day moving average. Conversely, a rebound from the $3,000 area could push the price back to $3,600 and possibly higher.

Analysis shows that the recent price action looks very volatile on the 4-hour chart. The price has tested the $3,600 resistance zone multiple times but failed to continue its rise towards $4,000. The market structure is clearly bearish in the short term as prices have been consistently making lower highs and lower lows. Therefore, if the price falls below $3,200, a fall back to the $3,000 area will be inevitable.