Ethereum ETH Price Under Pressure: Bulls Face Test After Setback

If Ethereum cannot break through the resistance level around $3,800, it may face the risk of a decline again. The initial support level is around $3,620, while the first major support area is around $3,560.

Ethereum's price has corrected below the $3,880 area. ETH is now recovering some losses and facing obstacles near the $3,800 resistance area.

Recently, Ethereum's price has corrected below $3,880, showing some downward pressure. Although Ethereum is currently trying to recover some losses, it encounters significant resistance near the $3,800 resistance area.

Observing Ethereum's trend, we can see that it has started a downward correction below $3,880 and $3,800. The price has broken below the key support level of $3,880 and is also below the 100-hour simple moving average, further exacerbating market concerns.

In the ETH/USD hourly chart, we can clearly see a key bearish trend line forming, with a resistance level at $3,815. The existence of this trend line sets obstacles for further upward movements of Ethereum.

However, if Ethereum can maintain above the $3,600 support area, it may still have the potential to initiate a new upward trend. But for now, Ethereum's price faces further downward pressure.

In fact, Ethereum has failed to maintain above the $4,000 area and has begun a downward correction like Bitcoin. The price has not only broken below the support levels of $3,880 and $3,800 but even briefly fell below $3,600, forming a low at $3,488.

Although the price is currently attempting to recover some ground, climbing above the levels of $3,550 and $3,620, and breaking through $3,700, the overall trend remains bearish. The price has also tested the Fibonacci retracement level moving down from the swing high of $50 to the low of $4,017, but has failed to form an effective rebound.

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