Ethereum's price has failed to break through the $4,000 area. ETH is correcting its gains and may struggle to stay above the support area of $3,820.
Ethereum has started a downward correction from the $4,100 area.
The price is below $3,980 and the 100-hour simple moving average.
On the hourly chart of ETH/USD (data provided by Kraken), a critical bullish trendline has been broken, with support at $3,940.
If the currency pair fails to stay above the support area of $2,820, it may continue to decline.
Ethereum's price is falling again.
Ethereum's price struggles to maintain above $4,000, underperforming compared to Bitcoin. ETH has begun a new round of decline, falling below the $4,000 support area.
Breaking below the support levels of $3,980 and $3,940. Additionally, the ETH/USD hourly chart shows a break below the critical bullish trendline (support at $3,940). The currency pair even fell below the $3,850 level. A low was formed at $3,837, and the current price is consolidating the decline.
Ethereum's price is currently below $3,920 and the 100-hour simple moving average. On the upside, the price seems to face resistance near $3,900. It is close to the 23.6% Fibonacci retracement level of the downward move from the high of $4,107 to the low of $3,837.
The first major resistance level is near $3,970, or the 50% Fibonacci retracement level of the downward move from the swing high of $4,107 to the low of $3,837.
The current major resistance level is forming near $4,000. If there is a clear break above the $4,000 resistance level, the price may drop toward the $4,120 resistance level. If it breaks the $4,120 resistance level, there may be more upward movement in the coming trading days. In this case, Ethereum could rise toward the $4,250 resistance level or even $4,320.
Will the losses of ETH be even greater?
If Ethereum fails to break through the resistance level of $3,900, it may continue to decline. The initial support level on the downside is near $3,820. The first major support level is around $3,780.
Breaking below the $3,780 support level could push the price toward the $3,650 support level. If the price declines further, it may drop toward the $3,550 support level in the short term. The next key support level is 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 area.
Major support level - $3,820
Major resistance level - $3,970