Ethereum price started a recovery wave above $3,950. ETH failed to clear $4,050 and recently started a new decline below $4,000.
- Ethereum started a fresh recovery above USD 3,880 and USD 3,980.
- The price is trading below $3,950 and the 100-hourly Simple Moving Average.
- There was a break below a bullish trendline with support at $3,960 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to fall if it trades below $3,840.
Ethereum price fails again
Ethereum price started a decent recovery wave above the USD 3,800 resistance, just like Bitcoin. ETH price surpassed the USD 3,880 and USD 3,980 levels and entered a positive zone for the short term.
The price even crossed the 50% Fib retracement level of the downward move from the $4,292 swing high to the $3,677 low. However, the bears remained active near the USD 4,080 resistance zone and prevented an upward continuation.
The price failed to move above the 61.8% Fib retracement level of the downward move from the $4,292 swing high to the $3,677 low. There was another decline below $4,000. Additionally, there was a break below a bullish trendline with support at $3,960 on the hourly chart of ETH/USD.
Ethereum price is now trading below $3,960 and the 100-hourly Simple Moving Average. On the upside, the price could encounter resistance around the $3,980 level. The next major resistance is near the $4,050 level. The first major resistance is around the $4,080 level.
A clear move above the USD 4,080 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.
Disadvantage of pause in ETH?
If Ethereum fails to clear the USD 3,980 resistance, it could trigger another decline. The initial downside support is near the $3,860 level. The first major support is near the $3,840 zone.
A clear move below the USD 3,840 support could push the price towards the USD 3,820 support. Any further losses could send the price towards the $3,680 region in the near term. The next major support is at $3,620.
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 – $3,840
Major resistance level – $4,050