Ethereum Price Falls Below $4,120; Risks Further Decline

Ethereum Price Update:

  • Ethereum price declined below $4,150 and is struggling to maintain levels above $4,050.
  • The price is trading below both the $4,150 mark and the 100-hourly Simple Moving Average.
  • A bearish trend line with resistance at $4,360 is forming on the hourly chart of ETH/USD.
  • A further decline is possible if Ethereum breaks the $4,050 support zone.

Current Market Conditions

  • Ethereum remains in a bearish zone after falling below $4,450.
  • The price dipped past support levels of $4,320 and $4,300, reaching a low of $4,000.
  • A minor recovery wave was observed, but resistance was met near $4,250.
  • If the price surpasses $4,250, it could rise toward resistance at $4,350 and the trend line at $4,360.

Ethereum Price

Potential Downside

  • If Ethereum fails to overcome $4,220 resistance, it may decline further.
  • Initial downside support is at $4,050, with major support at $4,000.
  • A break below $4,000 might lead to a drop towards $3,880 or even $3,820.
  • The next key support level is at $3,750.

Technical Indicators:

  • MACD: The MACD for ETH/USD is gaining momentum in the bearish zone.
  • RSI: The RSI for ETH/USD is currently below the 50 zone.

Support and Resistance Levels:

  • Major Support Level: $4,050
  • Major Resistance Level: $4,220