ethereum price is falling from the $4,080 zone. eth is now approaching a major support at $3,500 where the bulls could take a position.
- ethereum started a downward correction from the $3,080 zone.
- The price is trading below $3800 and the 100 hourly simple moving average.
- A key bearish trend line is forming with resistance at $3,850 on the hourly chart of eth/USD (data via Kraken).
- The pair could resume its rise if it breaks the $3,850 resistance zone.
ethereum price drops
ethereum price failed to stay above the $4,000 resistance zone and started a downward correction, like bitcoin. eth fell below the $3,920 and $3,850 support levels to enter a short-term bearish zone.
It even spiked below the $3,680 support zone. A low was formed at $3,625 and the price is now consolidating losses. There appears to be a key bearish trend line forming with resistance at $3,850 on the hourly chart of eth/USD.
ethereum price is now trading below $3,800 and the 100 hourly simple moving average. On the upside, immediate resistance is near the $3,740 level or the 23.6% Fibonacci retracement level of the recent decline from the high of $4,083 to the low of $3,625.
The first major resistance is near the $3,850 level and the trend line. It is close to the 50% Fibonacci retracement level of the recent drop from the high of $4,083 to the low of $3,625.
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Fountain: ETHUSD on TradingView.com
The next major resistance is near $3,880, above which the price could gain bullish momentum. In the indicated case, Ether could rise towards the $4,000 level. If there is a move above the $4,000 resistance, ethereum could even rally towards the $4,080 resistance. Any additional winnings could require a test of $4,150.
More losses on eth?
If ethereum fails to overcome the $3,850 resistance, it could continue down. Initial support on the downside is near the $3,680 level.
The first major support is near the $3,600 zone. The next key support could be the $3,500 zone. A clear move below the $3,500 support could send the price towards $3,350. Any further losses could send the price towards the $3,250 level.
Technical Indicators
MACD hourly – The MACD for eth/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for eth/USD is now below the 50 level.
Main Support Level: $3,600
Main Resistance Level: $3,850
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