Ethereum price began a downward correction below the $3,880 support level. ETH is currently testing the $3,760 support and may target a fresh hike.
- Ethereum has begun another downward correction below the $3,880 area.
- The price is trading above $3,750 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) has a bearish trend line connected to the resistance at $3,880.
- Unless it falls below the $3,760 support, the pair could increase again.
Support for Ethereum price decline
Ethereum price failed to test the $4,000 resistance zone and began a downward correction like Bitcoin. ETH fell below the $3,920 and $3,880 support levels.
A spike also occurred below the 50% Fib retracement level rising from the $3,631 swing low to the $3,972 high. The price eventually fell below the $3,800 level. However, the bulls remained active near the $3,760 support zone.
The price remained above the 61.8% Fib retracement level, rising from the $3,631 swing low to the $3,972 high. Ethereum price is currently trading above $3,750 and the 100-hour simple moving average.
Immediate resistance is near the $3,880 level. Additionally, the hourly chart of ETH/USD has a bearish trend line forming with resistance at $3,880. The first major resistance is near the $3,920 level. An upside reversal above the $3,920 resistance could push the price higher.
The next major resistance level is $3,950, above which the price may gain traction and advance towards the $4,000 level. A clear move above the $4,000 level could push the price higher to test the $4,080 resistance. Further gains could push Ether towards the $4,150 resistance zone.
Will there be more losses in ETH?
If Ethereum fails to clear the $3,880 resistance, it may continue to fall. Initial support for the downside is near the $3,800 level.
The next major support level is near $3,760. A clear break below the $3,760 support could push the price towards $3,720. More losses could push the price towards the $3,630 level in the near term.
technical indicators
Hourly MACD – ETH/USD MACD is losing momentum in bearish territory.
RSI per hour – The RSI for ETH/USD is now below the 50 area.
Key Support Level – $3,760
Key Resistance Level – $3,880