Ethereum Price Falls Short Above $4,000: Will Bulls Try Again?
Ethereum price failed to stabilize above the $4,000 area. ETH is correcting gains and may struggle to stay above the $3,820 support area.
- Ethereum started a downward correction from the $4,100 area.
- The price is trading below $3,980 and the 100 hourly simple moving average.
- Support is seen at $3,940 on the hourly chart of ETH/USD (data feed via Kraken), falling below a key bullish trend line.
- If it fails to hold above the $2,820 support area, the pair is likely to continue falling.
Ethereum price fails again
Ethereum price struggles to stay above $4,000, underperforming Bitcoin. ETH started a fresh decline and is trading below the $4,000 support area.
It fell below the $3,980 and $3,940 support levels. Additionally, there was a break below a key bullish trend line with support at $3,940 on the hourly chart of ETH/USD. The pair even fell below the $3,850 level. A low was formed at $3,837 and the price is currently consolidating loss.
Ethereum price is currently trading below $3,920 and the 100 hourly simple moving average. On the bright side, the price seems to be facing a hurdle near the $3,900 level. It is close to the 23.6% Fib retracement level of the downward move from the swing high of $4,107 to low of $3,837.
The first major resistance level is near $3,970, the 50% Fibonacci retracement level of the downward move from the $4,107 swing high to $3,837 low.
Major resistance is now forming near $4,000. A clear break above the $4,000 resistance may push the price towards the $4,120 resistance. An upside break above the $4,120 resistance may bring more gains in the coming sessions. In the above scenario, Ethereum could rise towards the $4,250 resistance zone or even $4,320.
ETH loses more?
If Ethereum fails to break above the $3,900 resistance, it may continue to fall. Initial support on the downside is near $3,820. The first major support is located near the $3,780 area.
A clear break below the $3,780 support could push the price towards the $3,650 support. Any further losses may push the price towards the $3,550 support in the near term. The next key support is located at $3,500.
Technical indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
hourly relative strength index – The RSI for ETH/USD is currently below the 50 area.
Major Support – $3,820
Major Resistance – $3,970
