The Ethereum price started a new decline below $3,850. ETH is falling below $3,800 and could fall further if it trades below $3,680.
- Ethereum started a new bearish wave after failing to clear $3,920.
- The price is trading below $3,800 and the 100-hourly Simple Moving Average.
- There was a break below an ascending channel with support at $3,840 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to fall if it trades below $3,680.
Ethereum price drops again
The price of Ethereum did not remain in a positive zone and started a new decline, just like Bitcoin. ETH price fell below USD 3,880 and USD 3,850 to enter a bearish zone.
There was a clear move below the 61.8% Fib retracement level of the upward move from the $3,678 swing low to the $3,916 high. Additionally, there was a break below a rising channel with support at $3,840 on the hourly chart of ETH/USD.
The Ethereum price is now trading below $3,800 and the 100-hourly Simple Moving Average. The current price action is bearish below the 76.4% Fib retracement level of the upward move from the $3,678 swing low to the $3,916 high.
If another rise occurs, the price may encounter resistance near the $3,840 level. The next major resistance is near the $3,860 level and the 100-hourly Simple Moving Average.
The first major resistance is around the $3,920 level. A clear move above the USD 3,920 resistance could send the price towards the USD 4,000 resistance. An upside break above the $4,000 region could call for more gains in the coming sessions. In the mentioned case, Ether could rise towards the USD 4,120 or even USD 4,200 resistance zone in the short term.
Lose more in ETH?
If Ethereum fails to clear the USD 3,840 resistance, it could trigger another decline. The initial downside support is near the $3,680 level. The first major support is near the $3,650 zone.
A clear move below the USD 3,650 support could push the price towards the USD 3,550 support. Any further losses could send the price towards $3,500 in the short term. The next major support is at USD 3,450 and USD 3,440.
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 – $3,680
Major resistance level – $3,840