This article is also available in Spanish.
ethereum price corrected gains below the $3,880 zone. eth is now recovering some losses and facing obstacles near the $3,800 resistance zone.
- ethereum started a downward correction below $3,880 and $3,800.
- The price is trading below $3880 and the 100 hourly simple moving average.
- A key bearish trend line is forming with resistance at $3,815 on the hourly chart of eth/USD (data via Kraken).
- The pair could start a fresh rise if it holds above the $3,600 support zone.
ethereum price falls further
ethereum price failed to stay above the $4,000 zone and started a downward correction like bitcoin. eth fell below the $3,880 and $3,800 support levels. It even shot below $3,600.
A low was formed at $3,488 and the price is now recovering from some losses. It rose above the $3,550 and $3,620 levels. The price surpassed the $3,700 level and tested the 50% Fibonacci retracement level of the downward move from the high of $4,017 to the low of $3,488.
ethereum price is now trading below $3,880 and the 100 hourly simple moving average. On the upside, the price seems to face obstacles near the $3,780 level. The first major resistance is near the $3,800 level.
There is also a key bearish trend line forming with resistance at $3,815 on the hourly chart of eth/USD. The trend line is near the 61.8% Fibonacci retracement level of the downward move from the high of $4,017 to the low of $3,488.
The main resistance is now forming near $3,880. A clear move above the $3,880 resistance could send the price towards the $4,000 resistance. A bullish break above the $4,000 resistance could require further gains in the coming sessions. In the given case, Ether could rise towards the resistance zone of $4,050 or even $4,120.
More losses on eth?
If ethereum fails to overcome the $3,780 resistance, it could start another decline. Initial support on the downside is near the $3,620 level. The first major support lies near the $3,560 area.
A clear move below the $3,560 support could push the price towards the $3,480 support. Any further losses could send the price towards the $3,350 support level in the near term. The next key support lies at $3,250.
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 zone.
Main Support Level: $3,620
Main Resistance Level: $3,880
