Ethereum price is struggling above the $4,000 range. ETH is falling slowly and is at risk of falling towards the $3,850 support level.
- Ethereum traded at a new multi-month high above $4,080 before correcting lower.
- The price is trading below $4,000 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) has a bullish trendline connected to support at $3,965.
- A break above the $4,025 resistance area could resume the price rise.
Ethereum price maintains support
Ethereum price, like Bitcoin, expanded its rise above the $4,050 level. ETH traded at multi-month highs above $4,080 before a downward correction.
The price fell below the $4,000 mark. Ethereum bulls seem to be struggling to keep the price above $4,000. There was a move below the 23.6% Fib retracement level of the upward move from the $3,830 swing low to the $4,083 high.
Ethereum price is currently trading below $3,980 and the 100-hour simple moving average. However, the bulls remain active near $3,950. On the hourly chart of ETH/USD, there is also a connecting bullish trendline with support at $3,965. The trend line is close to the 50% Fib retracement level rising from the $3,830 swing low to the $4,083 high.
If the pair holds above the $3,950 level, it could attempt a further rise. Immediate upside resistance is near the $4,025 level. The first major resistance is near the $4,050 level. The next major resistance level is near $4,085, above which the price could gain upward momentum.
Source: ETHUSD on TradingView.com
If specified, Ethereum could rise to the $4,150 level. If there is a move above the $4,150 resistance level, Ethereum may rise towards the $4,250 resistance level. A test of $4,320 may be needed for further gains.
Discontinuation of ETH?
If Ethereum fails to clear resistance at $4,025, a downward correction could begin. Initial support for the downside is near the $3,950 level.
The first major support is near the $3,880 area. The next major support could be the $3,830 zone. A clear move below the $3,830 support could lead the price towards $3,750. Any more losses could push the price down to the $3,650 level.
technical indicators
Hourly MACD – ETH/USD MACD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Key Support Level – $3,950
Key Resistance Level – $4,025
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