Ethereum Price Faces Resistance Near $3,800 Following Recent Decline
Ethereum price corrected below the $3,880 zone and is currently recovering some losses, facing resistance near $3,800.
- Ethereum began a downside correction below $3,880 and $3,800.
- The price trades below $3,880 and the 100-hourly Simple Moving Average.
- A key bearish trend line is forming with resistance at $3,815 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair may initiate a fresh increase if it remains above the $3,600 support zone.
Ethereum Price Dips Further
Ethereum price failed to maintain levels above $4,000, initiating a downside correction similar to Bitcoin. ETH declined below the $3,880 and $3,800 support levels, even dipping below $3,600.
A low was established at $3,488, with the price now recovering some losses. It has climbed above $3,550 and $3,620, surpassing the $3,700 level and testing the 50% Fib retracement level from the $4,017 swing high to the $3,488 low.
Currently, Ethereum price is trading below $3,880 and the 100-hourly Simple Moving Average, encountering hurdles near $3,780. The first major resistance is around the $3,800 level.
A bearish trend line is forming with resistance at $3,815, close to the 61.8% Fib retracement level of the downward move from $4,017 to $3,488.
The main resistance is near $3,880. A clear move above this level may drive the price toward the $4,000 resistance. An upward breakout above $4,000 could lead to further gains, potentially targeting the $4,050 or $4,120 resistance zones.
More Losses in ETH?
If Ethereum fails to overcome the $3,780 resistance, it might begin another decline. Initial downside support is near $3,620, with the first major support around the $3,560 zone.
A significant drop below $3,560 could push the price toward the $3,480 support. Further losses might lead to a decline towards the $3,350 support level, with key support located at $3,250.
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: $3,620
Major Resistance Level: $3,880