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Ethereum price corrected gains below the $3,880 zone. ETH is now recovering some losses and facing hurdles near the USD 3,800 resistance zone.
- Ethereum started a downward correction below USD 3,880 and USD 3,800.
- The price is trading below $3,880 and the 100-hourly Simple Moving Average.
- A major bearish trendline is forming with resistance at $3,815 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new rise if it remains above the $3,600 support zone.
Ethereum price continues to fall
Ethereum price failed to stay above the $4,000 zone and started a downward correction like Bitcoin. ETH fell below the USD 3,880 and USD 3,800 support levels. It even peaked below $3,600.
A low was formed at $3,488 and the price is now recovering some losses. It climbed above the USD 3,550 and USD 3,620 levels. The price surpassed the $3,700 level and tested the 50% Fib retracement level of the downward move from the $4,017 swing high to the $3,488 low.
Ethereum price is now trading below $3,880 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles around the USD 3,780 level. The first major resistance is around the $3,800 level.
There is also a major bearish trendline forming with resistance at $3,815 on the hourly chart of ETH/USD. The trendline is close to the 61.8% Fib retracement level of the downward move from the $4,017 swing high to the $3,488 low.
The main resistance is now forming around $3,880. A clear move above the USD 3,880 resistance could send the price towards the USD 4,000 resistance. An upside break above the USD 4,000 resistance could fuel more gains in the coming sessions. In the mentioned case, Ether could rise towards the USD 4,050 resistance zone or even USD 4,120.
Lose more in ETH?
If Ethereum fails to clear the USD 3,780 resistance, it could trigger another decline. The initial downside support is near the $3,620 level. The first major support is near the $3,560 zone.
A clear move below the USD 3,560 support could push the price towards the USD 3,480 support. Any further losses could send the price towards the USD 3,350 support level in the near term. The next major support is at USD 3,250.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 zone.
Major support level – $3,620
Major resistance level – $3,880