🔥🔥🔥 #Ethereum Signals #BEARISH📉 Extension: Is a Short-Term Downtrend Coming?
Ethereum Price Analysis: Potential Bearish Momentum Below $3,840 Support
Ethereum's price is showing bearish tendencies below the $3,840 support level. A decisive move below $3,700 could lead to increased bearish momentum for $ETH .
Key Points:
- Ethereum's price has declined to the $3,700 zone.
- The price is trading below both the $3,840 level and the 100-hourly Simple Moving Average.
- A key bullish trend line with support at $3,780 was broken on the hourly chart of ETH/USD (data via Kraken).
- A fresh increase may begin unless ETH closes below the $3,700 support level.
Ethereum's Decline
Ethereum faced resistance at the $3,850 mark and failed to break the 50% Fibonacci retracement level from the $3,958 high to the $3,702 low. Rejection below $3,800 led to a dip and the break of the trend line at $3,780 pushed the price lower.
Currently, ETH is trading below $3,840 and the 100-hourly SMA.
For an upward move, ETH needs to overcome resistance near $3,800, with major resistance at $3,840. A breakout above $3,840 could target $3,900 (76.4% Fib level), with potential rises to $4,000 and $4,080. Continued gains might drive Ether toward the $4,220 resistance zone.
Potential for Further Losses
If Ethereum fails to break the $3,840 resistance, it may decline further. Initial support is at $3,730, with critical support at $3,700. A move below $3,700 could push the price to $3,660, with further losses potentially leading to $3,550.
Technical Indicators:
- Hourly MACD: Gaining bearish momentum.
- Hourly RSI: Below 50.
Support and Resistance Levels:
- Major Support: $3,730
- Major Resistance: $3,840
This analysis suggests that Ethereum's price could decline further unless it overcomes key resistance levels and maintains upward momentum.
Source - newsbtc.com
