Ethereum price extended its decline and tested the $3,720 support. ETH is currently consolidating near the $3,800 level and faces many obstacles.
- Ethereum extended its decline and tested the $3,720 range.
- The price is trading below $3,820 and the 100-hour simple moving average.
- There is a new bearish trend line forming at resistance $3,810 on the hourly chart of ETH/USD (data feed via Kraken).
- A break above the support level of $3,720 could lead to the pair continuing to fall.
Ethereum price maintains support
Ethereum price remained in a bearish range for the short term, falling below the $3,800 support range like Bitcoin. ETH also traded below the 50% Fib retracement level, rising from the $3,631 swing low to the $3,975 high.
However, the bulls remained active near the $3,720 support zone. They protected the 76.4% Fib retracement level from the $3,631 swing low to the $3,975 high.
Ethereum price is currently trading below $3,800 and the 100-hour simple moving average. If there is a fresh increase, ETH may face resistance near the $3,800 level. Additionally, there is a new bearish trendline on the hourly chart of ETH/USD with resistance forming at $3,810.
The first major resistance is near the $3,850 level. An upside reversal above the $3,850 resistance could push the price higher. The next major resistance level is $3,890, above which the price may gain traction and advance towards the $3,950 level.
If bulls push Ethereum above the $3,950 level, the price could move higher and test the $4,000 resistance. Further gains could push Ether towards the $4,080 resistance zone.
Will there be more losses in ETH?
If Ethereum fails to clear the $3,800 resistance, it may continue to fall. Initial support for the downside is near the $3,720 level.
The next major support level is near the $3,640 area. A clear break below the $3,640 support could push the price towards $3,550. More losses could push the price towards the $3,500 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 – $3,720
Key Resistance Level – $3,800