Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Ethereum price extended its decline and tested the $3,720 support. ETH is now consolidating and facing many hurdles near the $3,800 level.
- Ethereum extended its decline and tested the $3,720 zone.
- The price is trading below $3,820 and the 100-hourly Simple Moving Average.
- There is a new bearish trend line forming with resistance at $3,810 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move down if it breaks the $3,720 support.
Ethereum Price Holds Support
Ethereum price remained in a short-term bearish zone and declined below the $3,800 support zone, like Bitcoin. ETH even traded below the 50% Fib retracement level of the upward move from the $3,631 swing low to the $3,975 high.
However, the bulls were active near the $3,720 support zone. They protected the 76.4% Fib retracement level of the upward move from the $3,631 swing low to the $3,975 high.
Ethereum price is now trading below $3,800 and the 100-hourly Simple Moving Average. If there is a fresh increase, ETH might face resistance near the $3,800 level. There is also a new bearish trend line forming with resistance at $3,810 on the hourly chart of ETH/USD.
The first major resistance is near the $3,850 level. An upside break above the $3,850 resistance might send the price higher. The next key resistance sits at $3,890, above which the price might gain traction and rise toward the $3,950 level.
If the bulls push Ether above the $3,950 level, the price might rise and test the $4,000 resistance. Any more gains could send Ether toward the $4,080 resistance zone.
More Losses In ETH?
If Ethereum fails to clear the $3,800 resistance, it could continue to move down. Initial support on the downside is near the $3,720 level.
The next major support is near the $3,640 zone. A clear move below the $3,640 support might push the price toward $3,550. Any more losses might send the price toward the $3,500 level in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $3,720
Major Resistance Level – $3,800
