The price of Ethereum failed to continue rising above $3650 and, like Bitcoin, began a new round of decline. The ETH price fell below $3550, entering a short-term bear market.

After breaking below $3500, the decline accelerated, with the price falling below the 50% Fibonacci retracement level of the rally from the low of $3176 to the high of $3658. Currently, the price of Ethereum is below $3550 and the 100-hour simple moving average.

If a new round of rebound occurs, the price may encounter resistance around $3475. The next key resistance level is around $3500. The first major resistance level is around $3550. Additionally, a key descending trend line is forming on the ETH/USD hourly chart, with resistance around $3550.

If the price of Ethereum can effectively break through the resistance level of $3550, it may further progress towards the resistance level of $3650. If the price can break above the $3650 area, more upward momentum may occur in the coming days. In this case, the price of Ethereum may rise to the resistance area of $3800 in the short term, or even $3880.