Ethereum Price Declines Below $4,000 Amid Bearish Trend
Ethereum's price is experiencing a downside correction, moving below $4,120 and currently trading under $4,000. The possibility of further decline exists if it falls beneath $3,880.
- ETH has dipped below key levels: $4,050 and $4,000.
- The price is under the 100-hourly Simple Moving Average.
- A bearish trend line with resistance at $4,000 is forming on the ETH/USD hourly chart.
- Potential for continued decline if trading stays below $3,880.
Current Market Dynamics
Ethereum's price fell from its positive trajectory, similar to Bitcoin, entering a bearish zone after dropping below $4,120 and $4,050. It moved past the 61.8% Fib retracement level between $3,708 and $4,252. Resistance remains at $4,000, aligned with the bearish trend line.
If Ethereum attempts an upward move, it might face resistance around $4,000 and then $4,030 near the 100-hourly Simple Moving Average. Breaking above $4,080 could lead to testing the $4,120 resistance, possibly advancing to $4,200 or $4,220.
Potential Downside Risks
Failure to surpass the $4,000 resistance may trigger further decline. Immediate support is around $3,880, with significant support at $3,840 near the 76.4% Fib retracement level. A drop below this might target $3,750 or even $3,700, with further support at $3,650 and $3,620.
Technical Indicators
- Hourly MACD: Bearish momentum increasing.
- Hourly RSI: Below the 50 mark.
Key Levels
- Support: $3,880
- Resistance: $4,000