Ethereum’s base is above the US Dollar’s $3,850 area. If the price of Ethereum breaks above $4,000, it could trigger a new increase.
- Ethereum struggles to keep pace with the $4,000 resistance zone.
- The 100-hourly simple moving Average and price are below $3,950
- A key bearish trend line is emerging with resistance close to $3,950 in the hourly chart of Ethereum/USD (datafeed via Kraken).
- If the pair remains above $3,850, it could begin a new increase.
Ethereum’s Price is Stable
Ethereum began a gradual recovery above the $3.750 and $3.800 resistance levels. ETH even climbed to the $4,000 threshold and above the simple moving average of 100 hours.
The price did not rise above $4,040 or $4,050 resistance. Before the downside correction began, a high of $4,035 was reached. The price moved below the $3,950 and $4,000 support levels.
The Ether price fell below 23.6% Fib level, which is the level at which the upward movement from $3,696 to $4,035 was retraced. The 100-hourly simple moving average and $3,950 are now the lowest levels of trading.
The $3,950 mark is the immediate resistance. A key bearish trendline is also visible on the hourly chart. It points to resistance around $3,950. Near the $4,000 mark is the next significant resistance. An obvious move higher than the $4,000 level or the most recent high may trigger an immediate increase.
Source: TradingView.com, ETHUSD
Next stop for bulls may be at $4,100. The bulls could move to the $4.250 level if they close above $4,000.
What Are the Losses of ETH More?
It could move lower if ethereum does not start an increase above $4,000 The initial support for the downside is at the $3,900 mark.
Key support is currently nearing the $3850 level. The Fib level is close to the 50% fib retracement of the upward movement from $3,696 lows to $4,035 highs. A clear break below the support level of $3,850 could cause further losses. It is currently at $3,700.
Technical indicators
Hourly MACD – Slowly, the MACD for USD/ETH is losing momentum in bullish territory.
Hourly RSI – The current RSI of ETH/USD hovers around the 50 mark.
Major Support Level – $3,850
Major Resistance Level – $4,000
