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 is correcting gains from $4,121 against the US Dollar. ETH price could start a fresh increase if there is a clear break above the $4,040 resistance.
- Ethereum struggled to clear the $4,100 zone and corrected lower.
- The price is trading just above $3,950 and the 100 hourly simple moving average.
- There was a break below a key rising channel with support near $4,040 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase if it stays above the $3,920 support and the 100 hourly SMA.
Ethereum Price Corrects Lower
Ethereum started a steady recovery wave above the $3,850 and $4,000 resistance levels. ETH even climbed above the $4,050 level and the 100 hourly simple moving average.
However, the price failed to continue higher above the $4,080 and $4,100 resistance levels. A high was formed near $4,121 before the price started a downside correction. There was a move below the $4,050 and $4,000 support levels.
There was also a break below a key rising channel with support near $4,040 on the hourly chart of ETH/USD. The pair is now trading just above $3,950 and the 100 hourly simple moving average.
There was a break below the 23.6% Fib retracement level of the upward move from the $3,650 low to $4,121 high. An immediate resistance on the upside is near the $4,040 level. The next major resistance is near the $4,080 level. A clear move above the $4,080 level and the recent higher could start a fresh increase in the near term.
The next stop for the bulls could be $4,120. A close above the $4,120 level may possibly spark a move towards the $4,250 level.
More Losses in ETH?
If ethereum fails to start a fresh increase above the $4,040 level, it could continue to move down. An initial support on the downside is near the $3,950 level.
The key support is now forming near the $3,920 level and the 100 hourly simple moving average. If there is a clear break below the $3,920 support, the price could extend losses. The next major support is $3,885. It is near the 50% Fib retracement level of the upward move from the $3,650 low to $4,121 high.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now near the 50 level.
Major Support Level – $3,920
Major Resistance Level – $4,040
