Ethereum Price Faces Pressure: Bulls Tested After Setback
Ethereum price corrected gains below the $3,880 zone. ETH is now recovering some losses and facing hurdles near the $3,800 resistance zone.
- Ethereum started a downside correction below $3,880 and $3,800.
- The price is trading below $3,880 and the 100-hourly Simple Moving Average.
- There is a key bearish trend line forming with resistance at $3,815 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase if it stays above the $3,600 support zone.
Ethereum Price Dips Further
Ethereum price failed to stay above the $4,000 zone and started a downside correction like Bitcoin. ETH declined below the $3,880 and $3,800 support levels. It even spiked below $3,600.
A low was formed at $3,488 and the price is now recovering some losses. It climbed above the $3,550 and $3,620 levels. The price surpassed the $3,700 level and tested the 50% Fib retracement level of the downward move from the $4,017 swing high to the $3,488 low.
Ethereum price is now trading below $3,880 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,780 level. The first major resistance is near the $3,800 level.
There is also a key bearish trend line forming with resistance at $3,815 on the hourly chart of ETH/USD. The trend line is close to the 61.8% Fib retracement level of the downward move from the $4,017 swing high to the $3,488 low.
The main resistance is now forming near $3,880. A clear move above the $3,880 resistance might send the price toward the $4,000 resistance. An upside break above the $4,000 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,050 resistance zone or even $4,120.
More Losses In ETH?
If Ethereum fails to clear the $3,780 resistance, it could start another decline. Initial support on the downside is near the $3,620 level. The first major support sits near the $3,560 zone.
A clear move below the $3,560 support might push the price toward the $3,480 support. Any more losses might send the price toward the $3,350 support level in the near term. The next key support sits at $3,250.
Technical Indicators
Hourly MACD The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI The RSI for ETH/USD is now below the 50 zone.
Major Support Level $3,620
Major Resistance Level $3,880
Source: NewsBTC.com
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