This article is also available in Spanish.
Ethereum price corrected gains at the $4,080 resistance zone. ETH is currently trading below $4,000 and showing signs of weakness.
- Ethereum began a downward correction from a high of $4,093.
- The price is trading above $3,920 and the 100-hour simple moving average.
- On the hourly chart of ETH/USD (data feed via Kraken), a break has occurred below a key bullish trendline with support at $3,965.
- If it stays above the $3,840 support zone, it could start a new rally.
Ethereum price corrects some gains.
Ethereum price remained above the $3,750 support zone. ETH formed a base and started a new rally above $3,920, beating Bitcoin. The bulls were able to push the price above the $4,000 resistance.
The price tested the $4,080 resistance. A high was formed at $4,093 and the price began a downward correction. It moved below the $4,050 and $4,000 levels. The price fell below the 23.6% Fib retracement level, rising from the $3,680 swing low to the $4,093 high.
Additionally, a break occurred below the main bullish trendline supporting $3,965 on the ETH/USD hourly chart. Ethereum price is currently trading above $3,920 and the 100-hour simple moving average.
On the other hand, the price appears to be facing a hurdle near the $3,960 level. The first major resistance is near the $3,980 level. Major resistance is currently forming near $4,000. A clear break above the $4,000 resistance may push the price towards the $4,080 resistance.
An uptick above the $4,080 resistance could lead to further gains in the coming sessions. If indicated, Ethereum could rise to the $4,150 resistance zone or even $4,220.
Will there be more losses in ETH?
If Ethereum fails to clear the $4,000 resistance, another decline could begin. Initial support for the downside is near the $3,920 level. The first major support is near the $3,880 area.
A clear move below the $3,880 support could push the price towards the $3,840 support. More losses could push the price towards the $3,770 support level in the near term. The next major support level is $3,650.
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 area.
Key Support Level – $3,920
Key Resistance Level – $3,980