NewsBTC
9 December 2024
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Ethereum Price Corrects Below $4,000 After Hitting $4,093 High

Ethereum price corrected gains from the $4,080 resistance zone. ETH is now trading below $4,000 and showing some bearish signs.

  • Ethereum started a downside correction from the $4,093 high.
  • The price is trading above $3,920 and the 100-hourly Simple Moving Average.
  • There was a break below a key bullish trend line with support at $3,965 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a fresh increase if it stays above the $3,840 support zone.

Ethereum Price Corrects Gains

Ethereum price remained well-bid above the $3,750 support zone. ETH formed a base and increased above $3,920, surpassing Bitcoin. The price rose above the $4,000 resistance, testing $4,080 with a high of $4,093 before initiating a downside correction.

The price dipped below the $4,050 and $4,000 levels, breaking the 23.6% Fibonacci retracement level of the upward move from the $3,680 swing low to the $4,093 high. Additionally, a break occurred below a key bullish trend line with support at $3,965 on the hourly chart of ETH/USD. Currently, Ethereum trades above $3,920 and the 100-hourly Simple Moving Average.

On the upside, the price faces hurdles near the $3,960 level. Initial resistance is at $3,980, while the main resistance is near $4,000. A clear move above this level may lead to a rise toward the $4,080 resistance.

Ethereum Price

An upside breakout above the $4,080 resistance may result in further gains, potentially pushing Ether toward the $4,150 or even $4,220 resistance zones.

Potential for Further Losses in ETH

If Ethereum fails to overcome the $4,000 resistance, it may decline further. Initial support is near the $3,920 level, followed by major support at $3,880. A move below $3,880 might push the price toward the $3,840 support, with additional losses targeting the $3,770 support level. The next significant support is at $3,650.

Technical Indicators:

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $3,920

Major Resistance Level – $3,980