The price of Ethereum struggled to stay above $4,020 and fell further. ETH is now consolidating within a range and could fall further if a move occurs below $3,820.
- Ethereum started a new decline below USD 4,020 and USD 4,000.
- The price is trading below $4,000 and the 100-hourly Simple Moving Average.
- A major bearish trendline is forming with resistance at $4,070 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to fall if it trades below $3,820.
Ethereum price falls below support
Ethereum’s price struggled to break above $4,120 and corrected most of the gains, as did Bitcoin. ETH price fell below the USD 4,020 and USD 4,000 levels.
It even tested the $3,820 zone. A low was formed at $3,828 and the price is now consolidating losses. There was a small increase towards the 23.6% Fib retracement level from the recent decline from the $4,215 swing high to the $3,828 low.
The Ethereum price is now trading below $4,000 and the 100-hourly Simple Moving Average. Additionally, a major bearish trendline is forming with resistance at $4,070 on the hourly chart of ETH/USD.
On the upside, the price could encounter resistance around the $3,950 level. The next major resistance is near the $4,020 level and the 50% Fib retracement level of the recent decline from the $4,215 swing high to the $3,828 low. The first major resistance is near the $4,070 level and the trendline.
A clear move above the USD 4,070 resistance could send the price towards the USD 4,120 resistance. An upside break above the $4,120 region could call for more gains in the coming sessions. In the mentioned case, Ether could rise towards the resistance zone of $4,220 or even $4,250 in the short term.
Another drop in ETH?
If Ethereum fails to clear the USD 4,020 resistance, it could trigger another decline. The initial downside support is near the $3,880 level. The first major support is near the $3,820 zone.
A clear move below the USD 3,820 support could push the price towards the USD 3,740 support. Any further losses could send the price towards the $3,650 region in the near term. The next major support is at USD 3,550.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 zone.
Major support level – $3,820
Major resistance level – $4,070