Ethereum price started a downward correction below $4,120. ETH is falling below $4,000 and could fall further if it trades below $3,880.
- Ethereum started a downward correction below USD 4,050 and USD 4,000.
- The price is trading below $4,000 and the 100-hourly Simple Moving Average.
- A bearish trendline is forming with resistance at $4,000 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to fall if it trades below $3,880.
Ethereum price continues to fall
The price of Ethereum did not remain in a positive zone and started a new decline, just like Bitcoin. ETH price fell below USD 4,120 and USD 4,050 to enter a bearish zone.
There was a clear move below the 61.8% Fib retracement level of the upward move from the $3,708 swing low to the $4,252 high. Additionally, a bearish trendline is forming with resistance at $4,000 on the hourly chart of ETH/USD.
The Ethereum price is now trading below $4,000 and the 100-hourly Simple Moving Average. If another rise occurs, the price may encounter resistance near the $4,000 level and the trendline. The next major resistance is near the $4,030 level and the 100-hourly Simple Moving Average.
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 USD 4,200 or even USD 4,220 resistance zone in the short term.
Lose more in ETH?
If Ethereum fails to clear the $4,000 resistance, it could trigger another decline. The initial downside support is near the $3,880 level. The first major support is near the $3,840 zone and the 76.4% Fib retracement level of the upward move from the $3,708 swing low to the $4,252 high.
A clear move below the USD 3,840 support could push the price towards the USD 3,750 support. Any further losses could send the price towards $3,700 in the near term. The next major support is at USD 3,650 and USD 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 – $3,880
Major resistance level – $4,000