Ethereum Price Declines Below $4,000 Amid Bearish Trend
Ethereum's price is experiencing a decline, struggling below $4,050 and the 100-hourly Simple Moving Average. The price may drop further if it breaches the $3,850 support zone.
- Ethereum fell below the $4,000 mark, failing to sustain gains.
- A key bearish trend line with resistance at $4,050 is forming on the ETH/USD hourly chart.
- The price formed a low at $3,826, followed by a minor recovery but remains under pressure near $3,950.
- Resistance levels are present at $4,000, $4,050, and the major resistance at $4,120. A break above these could lead to $4,150 and possibly $4,250.
If Ethereum fails to overcome the $4,050 resistance, it might resume its decline. Initial support is around $3,880, with significant support near $3,820. Further declines could push the price to $3,750 or even $3,720.
Technical Indicators:
- Hourly MACD: Bearish momentum increasing.
- Hourly RSI: Below 50, indicating bearish conditions.
Major Support Level: $3,820
Major Resistance Level: $4,050