Ethereum price struggled to stay above $4,020 and dipped further. ETH is now consolidating in a range and might decline further if there is a move below $3,820.
Ethereum price struggled to settle above $4,120 and corrected most gains, like Bitcoin. ETH price declined below the $4,020 and $4,000 levels.
It even tested the $3,820 zone. A low was formed at $3,828 and the price is now consolidating losses. There was a minor increase toward the 23.6% Fib retracement level of the recent decline from the $4,215 swing high to the $3,828 low.
Ethereum price is now trading below $4,000 and the 100-hourly Simple Moving Average. Besides, there is a key bearish trend line forming with resistance at $4,070 on the hourly chart of ETH/USD.
On the upside, the price could face resistance near the $3,950 level. The next key resistance is near the $4,020 level and the 50% Fib retracement level of the recent decline from the $4,215 swing high to the $3,828 low. The first major resistance is near the $4,070 level and the trend line.
A clear move above the $4,070 resistance might send the price toward the $4,120 resistance. An upside break above the $4,120 region might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,220 resistance zone or even $4,250 in the near term.
If Ethereum fails to clear the $4,020 resistance, it could start a fresh decline. Initial support on the downside is near the $3,880 level. The first major support sits near the $3,820 zone.
A clear move below the $3,820 support might push the price toward the $3,740 support. Any more losses might send the price toward the $3,650 region in the near term. The next key support sits at $3,550.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $3,820
Major Resistance Level – $4,070
