Ethereum Price Fails to Hold Above $4,000 Support Level
Ethereum price failed to settle above the $4,000 zone. ETH is correcting gains and might struggle to stay above the $3,820 support zone.
- Ethereum started a downside correction from the $4,100 zone.
- The price is trading below $3,980 and the 100-hourly Simple Moving Average.
- There was a break below a key bullish trend line with support at $3,940 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move down if it fails to stay above the $2,820 support zone.
Ethereum Price Fails Again
Ethereum price struggled to maintain levels above $4,000, underperforming Bitcoin. ETH began a decline, trading below the $4,000 support zone.
The price moved below the $3,980 and $3,940 support levels, breaking below a key bullish trend line with support at $3,940 on the hourly chart of ETH/USD. It dipped below $3,850, forming a low at $3,837 while consolidating losses.
Currently, Ethereum trades below $3,920 and the 100-hourly Simple Moving Average. Resistance appears near the $3,900 level, close to the 23.6% Fib retracement level of the downward move from the $4,107 swing high to the $3,837 low.
The initial major resistance is near $3,970, corresponding to the 50% Fib retracement level of the same downward move.
The main resistance forms near $4,000. A clear move above this level may lead to a rise toward the $4,120 resistance. An upside breach above $4,120 could result in further gains, potentially targeting the $4,250 or $4,320 resistance zones.
More Losses In ETH?
If Ethereum does not clear the $3,900 resistance, it may continue to decline. Initial support is near the $3,820 level, with major support around $3,780.
A move below $3,780 could push the price toward $3,650, and further losses might see it approach the $3,550 support level. The next key support lies at $3,500.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $3,820
Major Resistance Level – $3,970