Ethereum Bears Eye $3,700: Short-Term Downtrend Ahead?

Ethereum's price is showing bearish signs below the $3,840 support level. If ETH drops below $3,700, a bearish momentum could build up.

Key Points:

Price Action: Ethereum recently tested the $3,700 zone after failing to break above the $3,850 resistance.

Technical Breakdown: A break below a bullish trend line at $3,780 on the hourly chart indicates potential bearish momentum.

Current Levels: Trading below $3,840 and the 100-hourly Simple Moving Average, ETH faces resistance near $3,800 and $3,840.

Short-Term Outlook:

Bearish Scenario: If ETH fails to break above $3,840, it could decline towards the $3,700 support. A clear move below this level might push the price to $3,660 and potentially $3,550.

Bullish Scenario: Conversely, breaking the $3,840 resistance could drive ETH to $3,900 and beyond, with a potential rise to $4,000.

Technical Indicators:

MACD: Gaining momentum in the bearish zone.

RSI: Below 50, indicating bearish pressure.

Major Support: $3,730

Major Resistance: $3,840

Keep an eye on these levels for potential trading opportunities and market direction insights. $ETH

Disclaimer:

Research Yourself before investing, use only risk-worthy funds, and take full responsibility for your decisions.

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