Ethereum has struggled to move above $4,050 against the US Dollar. Although the ETH price has been rising, bulls may face resistance at $4,175.
- Ethereum fell below the $4,000 and $4,050 support levels.
- The current price trades below $4,100 as well as the simple 100-hour moving average.
- The hourly chart for ETH/USD showed a break below the connecting bullish trendline with support at $4,080 (data feed via Kraken).
- A new rise could be possible if the pair crosses the $4,100 resistance area and 100 hourly SMA.
The Ethereum Price Struggle continues
Ethereum failed to move above $4,175 or $4,200. ETH began a new decline, trading below the $4,000.00 support zone.
A close was recorded below $4,100 as well as the 100 hourly simple moving mean. A break below the key bullish trendline with support close to $4,080 was seen on the hourly chart. Below the 50% Fib level of recovery from the $3.833 swing low and $4.176 swing high, the pair traded.
The price is showing some bearish signals below $4,100. The $4,050 mark is the first resistance. Near the $4,100 and 100 hourly SMA levels is the first significant resistance.
Source: TradingView.com, ETHUSD
Next is $4,175 which could be a major obstacle. The near-term trend could be influenced by a break above and close to $4,175 levels. The price could even exceed the $4,250 resistance within the next few months in this scenario. Next is $4,350.
Dips Limited to ETH
If ethereum does not start a new increase above $4,100, then it may extend its downside correction. Near the $4,000 level, there is initial support. Support is currently forming at the level of $3,960.
Near the $3,000.0-support zone is the 61.8% Fib level of the recovery wave that ran from the $3.833 swing low down to the $4.176 swing high. The price may suffer further losses if it breaks below the $3960 support. Below that, the price may drop to $3,600.
Technical indicators
Hourly MACD – The MACD of ETH/USD continues to grow in the bearish area.
Hourly RSI – The RSI of ETH/USD is less than the 50 level.
Major Support Level – $3,960
Major Resistance Level – $4,175
