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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.

Ethereum Price

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 MACDThe MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 zone.

Major Support Level – $ 3,820

Major Resistance Level – $ 3,970

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