Ethereum's value slid to $3,500 after making a strong move upwards from its support base. Presently, it's trading under the $3,550 mark and the 100-hour Simple Moving Average. Notably, there's a resistance area around $3,550 for the ETH/USD pair.

For Ethereum to keep climbing, it needs to break through the important resistance at $3,600. If successful, this could give it more power to rise. However, bears are still active near $3,650 and $3,680 resistance levels.

The immediate hurdle is around $3,630, followed by crucial resistances at $3,650 and $3,680. Surpassing $3,680 could signal even stronger momentum for Ethereum.

If Ethereum can't overcome the $3,600 hurdle, there are signs of a potential downtrend. The first support is around $3,500, but a more significant support sits near $3,475. If broken, the next crucial support is at $3,450, possibly leading to a journey down to $3,340.

Technical indicators suggest the hourly MACD for ETH/USD is bullish but starting to weaken, with the RSI currently below 50, indicating potential increased selling pressure. The key support level is at $3,500, while resistance is seen at $3,600.

Despite disappointing investors, Ethereum has repeatedly tested levels below $3,500 recently, potentially setting the stage for a rapid recovery.

In summary, Ethereum's recent price movement reflects a swift decline followed by prospects of a rebound, contingent on breaking key resistance levels. Technical indicators hint at the possibility of increased selling pressure, but repeated tests at lower levels could pave the way for a recovery.