💥💥💥 #Ethereum Dips Further: Will the Slide Stop or Is $ETH on a Rollercoaster?
Ethereum (ETH) price continues its downward correction below the $3,800 support, approaching the $3,720 level with potential for a rebound.
After failing to hold above the $3,880 zone, ETH is trading below $3,880 and the 100-hourly Simple Moving Average. A key bearish trend line with resistance at $3,800 is evident on the hourly chart of ETH/USD.
The price dip below $3,850 and $3,800 levels indicates a short-term bearish sentiment, with bears eyeing a move towards the $3,720 support. Currently trading above $3,800 and the 100-hourly SMA, ETH might encounter resistance around the $3,800 level, as indicated by the bearish trend line.
Should a fresh increase occur, resistance is anticipated near $3,840, followed by a significant barrier at $3,900. Breaking above $3,900 could pave the way for further gains towards $3,940 and potentially the $4,000 zone. Conversely, failure to surpass the $3,800 resistance may result in continued downward movement.
Initial support is expected at $3,720 or the 76.4% Fib retracement level, with subsequent major support around the $3,625 zone. A breach below $3,625 might lead to a decline towards $3,550, and further losses could test the $3,500 level in the short term.
Technical Indicators:
- Hourly MACD: Showing momentum in the bearish zone.
- Hourly RSI: Below the 50 zone.
- Major Support Level: $3,720
- Major Resistance Level: $3,800
Source - newsbtc.com
