Ethereum Price Drops Below $4,000 Amid Bearish Trend

Ethereum's price has seen a decline, struggling to maintain levels above $4,020. Currently, ETH is trading below $4,000 and the 100-hourly Simple Moving Average.

Ethereum began a decline under $4,020 and $4,000, testing the $3,820 zone.
The price formed a low at $3,828 and is now consolidating losses.
A bearish trend line with resistance at $4,070 is forming on the hourly chart of ETH/USD.
Key resistance levels are at $3,950, $4,020, and $4,070.
If ETH surpasses $4,070, it may rise toward $4,120 and potentially $4,220 or $4,250.

Ethereum Price

Potential Decline Scenario

If Ethereum fails to break the $4,020 resistance, it might decline further:

Initial support is around $3,880, with major support at $3,820.
A drop below $3,820 could lead to $3,740 or even $3,650.
Critical support level is at $3,550.

Technical Indicators:

Hourly MACD: Gaining momentum in the bearish zone.
Hourly RSI: Below the 50 zone.
Major Support Level: $3,820
Major Resistance Level: $4,070