Ethereum Drops Below $3,800 Amid Bearish Market Trend
Ethereum's price is experiencing a decline, trading below $3,800 and the 100-hourly Simple Moving Average.
- Failed to surpass the $3,920 resistance, leading to a bearish wave.
- Broke below a rising channel with support at $3,840 on ETH/USD's hourly chart.
- Currently trades below key levels, including $3,680, signaling potential for further declines.
Resistance and Support Levels
- Immediate resistance is near $3,840, followed by $3,860 and the 100-hourly SMA.
- A break above $3,920 could propel ETH toward $4,000, potentially reaching $4,120 or $4,200.
- If unable to clear $3,840, support lies at $3,680, with stronger supports at $3,650, $3,550, and potentially $3,500.
Technical Indicators
- MACD: Gaining momentum in the bearish zone.
- RSI: Positioned below the 50 zone, indicating bearish sentiment.
Investors should monitor these levels closely for potential trading opportunities.