Ethereum Price Falls Short Above $4,000: Will Bulls Try Again?
Ethereum price failed to settle above the $ 4,000 zone. ETH is correcting gains and might struggle to stay above the $ 3,820 support zone.
- Ethereum started a downside correction from the $ 4,100 zone.
- The price is trading below $ 3,980 and the 100-hourly Simple Moving Average.
- There was a break below a key bullish trend line with support at $ 3,940 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move down if it fails to stay above the $ 2,820 support zone.
Ethereum Price Fails Again
Ethereum price struggled to stay above the $ 4,000 level and underperformed Bitcoin. ETH started a fresh decline and traded below the $ 4,000 support zone.
There was a move below the $ 3,980 and $ 3,940 support levels. Besides, there was a break below a key bullish trend line with support at $ 3,940 on the hourly chart of ETH/USD. The pair even dipped below the $ 3,850 level. A low was formed at $ 3,837 and the price is now consolidating losses.
Ethereum price is now trading below $ 3,920 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $ 3,900 level. It is close to the 23.6% Fib retracement level of the downward move from the $ 4,107 swing high to the $ 3,837 low.
The first major resistance is near the $ 3,970 level or the 50% Fib retracement level of the downward move from the $ 4,107 swing high to the $ 3,837 low.
The main resistance is now forming near $ 4,000. A clear move above the $ 4,000 resistance might send the price toward the $ 4,120 resistance. An upside break above the $ 4,120 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $ 4,250 resistance zone or even $ 4,320.
More Losses In ETH?
If Ethereum fails to clear the $ 3,900 resistance, it could continue to move down. Initial support on the downside is near the $ 3,820 level. The first major support sits near the $ 3,780 zone.
A clear move below the $ 3,780 support might push the price toward the $ 3,650 support. Any more losses might send the price toward the $ 3,550 support level in the near term. The next key support sits at $ 3,500.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $ 3,820
Major Resistance Level – $ 3,970