Ethereum Plunges 5%, Can Buyers Save The Key $3.5K Support

Ethereum gained bearish momentum below the $3,720 support against the US Dollar. ETH price tested $3,600 and currently struggling to recover higher.

Ethereum started a major decline below the $3,850 and $3,750 support levels.
The price is trading below $3,800 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $3,715 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must stay above $3,500 to avoid more downsides in the near term.

Ethereum Price Extends Decline
Ethereum failed to stay above the $3,880 and $3,850 support levels. ETH extended decline and traded below the key $3,750 support zone.
There was a sharp move below the $3,700 level and the price settled below the 100 hourly simple moving average. It traded as low as $3,602 and is currently consolidating losses. An immediate resistance on the upside is near the $3,655 level.
It is near the 23.6% Fib retracement level of the recent decline from the $3,827 swing high to $3,602 low. The next major resistance is near the $3,715 level.
There is also a key bearish trend line forming with resistance near $3,715 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the recent decline from the $3,827 swing high to $3,602 low. To start a decent recovery, the price must clear the $3,715 resistance.

Source: ETHUSD on TradingView.com
In the stated case, the price could rise towards the $3,850 level or the 100 hourly simple moving average. Any more gains could send the price towards the $4,000 level.
More Downsides in ETH?
If ethereum fails to start a fresh increase above the $3,715 level, it could continue to move down. An initial support on the downside is near the $3,600 level or the recent low.
The first key support is now forming near the $3,550 and $3,500 levels. A downside break below the $3,550 and $3,500 levels could put a lot of pressure on the bulls. In the stated case, the price could decline towards the $3,200 support zone in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now losing pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is near the 30 level.
Major Support Level – $3,600
Major Resistance Level – $3,715