Ethereum price is falling from the $4,080 range. ETH is currently approaching the key support level at $3,500 where bulls could take a position.
- Ethereum began a downward adjustment in the $3,080 range.
- The price is trading below $3,800 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a major bearish trendline forming with resistance at $3,850.
- A break above the $3,850 resistance area could resume the advance.
Ethereum price falls
Ethereum price failed to maintain above the $4,000 resistance zone and began a downward correction like Bitcoin. ETH fell below the $3,920 and $3,850 support levels and entered near-term bearish territory.
It even surged below the $3,680 support level. The low was formed at $3,625 and the price is currently consolidating losses. The hourly chart of ETH/USD appears to have a major bearish trendline with resistance forming at $3,850.
Ethereum price is currently trading below $3,800 and the 100-hour simple moving average. On the positive side, immediate resistance is near the $3,740 level or the 23.6% Fib retracement level of the recent decline from the $4,083 swing high to the $3,625 low.
The first major resistance is near the $3,850 level and the trend line. This is close to 50% of the Fib retracement level of the recent decline from the $4,083 swing high to the $3,625 low.
Source: ETHUSD on TradingView.com
The next major resistance level is near $3,880, above which the price could gain upward momentum. If specified, Ethereum could rise to the $4,000 level. If there is a move above the $4,000 resistance, Ethereum may rise towards the $4,080 resistance. A test of $4,150 may be needed for further gains.
Will there be more losses in ETH?
If Ethereum fails to clear the $3,850 resistance, it may continue to fall. Initial support for the downside is near the $3,680 level.
The first major support is near $3,600. The next major support could be the $3,500 zone. A clear move below the $3,500 support could lead the price towards $3,350. Any more losses could push the price down to the $3,250 level.
technical indicators
Hourly MACD – ETH/USD MACD is gaining momentum in bearish territory.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Key Support Level – $3,600
Key Resistance Level – $3,850
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