ethereum price is struggling above the $4,000 zone. eth is slowly moving lower and there is a risk of a downward momentum towards the $3,850 support.
- ethereum traded to a new multi-month high above $4,080 before correcting lower.
- The price is trading below $4,000 and the 100 hourly simple moving average.
- A connecting bullish trend line is forming with support at $3,965 on the hourly chart of eth/USD (data feed via Kraken).
- The pair could resume its rise if it breaks the $4,025 resistance zone.
ethereum Price Holds Support
ethereum price extended its rise above the $4,050 level, as did bitcoin. eth traded to a new multi-month high above $4,080 before there was a downward correction.
The price fell below the $4,000 level. It seems that Ether bulls are struggling to keep the price above $4,000. There was a move below the 23.6% Fibonacci retracement level of the upward move from the low of $3,830 to the high of $4,083.
ethereum price is now trading below $3,980 and the 100 hourly simple moving average. However, the bulls are active near the $3,950 zone. There is also a connecting bullish trend line forming with support at $3,965 on the hourly chart of eth/USD. The trend line is near the 50% Fibonacci retracement level of the upward move from the low of $3,830 to the high of $4,083.
If the pair holds above the $3,950 level, it could attempt another rise. The immediate resistance on the upside is near the $4,025 level. The first major resistance is near the $4,050 level. The next major resistance is near $4,085, above which the price could gain bullish momentum.
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Fountain: ETHUSD on TradingView.com
In the indicated case, Ether could rise towards the $4,150 level. If there is a move above the $4,150 resistance, ethereum could even rally towards the $4,250 resistance. Any additional winnings could require a test of $4,320.
Downside breakout in eth?
If ethereum fails to overcome the $4,025 resistance, it could start a downward correction. Initial support on the downside is near the $3,950 level.
The first major support is near the $3,880 area. The next key support could be the $3,830 area. A clear move below the $3,830 support could send the price towards $3,750. Any further losses could send the price towards the $3,650 level.
Technical Indicators
MACD hourly – The MACD for eth/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for eth/USD is now below the 50 level.
Main Support Level: $3,950
Main Resistance Level: $4,025
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