Ethereum price extended its decline and tested the $3,700 support. ETH is now consolidating and eyeing a fresh increase above $3,840.
Ethereum extended its decline and tested the $3,700 zone.
The price is trading near $3,800 and the 100-hourly Simple Moving Average.
There is a key bullish trend line forming with support near $3,760 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh increase unless there is a close below the $3,700 support.
Ethereum Price Holds Support
Ethereum price struggled to start a fresh increase and declined below the $3,750 support zone, like Bitcoin. ETH even traded below the $3,720 support zone. However, the bulls were active near the $3,700 support zone.
A low was formed at $3,702 and the price recently started a recovery wave. There was a move above the $3,750 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $3,957 swing high to the $3,702 low.
Ethereum price is now trading near $3,800 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support near $3,760 on the hourly chart of ETH/USD.
If there is a fresh increase, ETH might face resistance near the $3,830 level. The first major resistance is near the $3,880 level or the 76.4% Fib retracement level of the downward move from the $3,957 swing high to the $3,702 low.
An upside break above the $3,880 resistance might send the price higher. The next key resistance sits at $3,950, above which the price might gain traction and rise toward the $4,000 level.
If the bulls push Ether above the $4,000 level, the price might rise and test the $4,080 resistance. Any more gains could send Ether toward the $4,220 resistance zone.
Another Decline In ETH?
If Ethereum fails to clear the $3,830 resistance, it could start another decline. Initial support on the downside is near the $3,750 level and the trend line.
The next major support is near the $3,720 zone. A clear move below the $3,720 support might push the price toward $3,660. Any more losses might send the price toward the $3,550 level in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,720
Major Resistance Level – $3,880
Source: NewsBTC.com
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