Ethereum Price Pulls Back from Resistance: Will the Bulls Stage a Comeback?
Ethereum price started a downside correction from the $3,885 resistance zone. ETH is now back below $3,800 and might continue to slide toward $3,720.
Ethereum started a pullback after it failed to clear the $3,880 resistance.
The price is trading below $3,840 and the 100-hourly Simple Moving Average.
There was a break below a key bullish trend line with support near $3,830 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh upward move unless there is a close below the $3,720 support.
Ethereum Price Dips Again
Ethereum price extended its increase above the $3,840 resistance zone. However, ETH struggled to clear the $3,885 level and started a downside correction like Bitcoin.
There was a decline below the $3,840 support level. Besides, there was a break below a key bullish trend line with support near $3,830 on the hourly chart of ETH/USD. The pair declined below the 50% Fib retracement level of the upward wave from the $3,730 swing low to the $3,885 high.
Ethereum is now trading below $3,840 and the 100-hourly Simple Moving Average. However, the bulls are active near the 61.8% Fib retracement level of the upward wave from the $3,730 swing low to the $3,885 high.
If there is another increase, ETH might face resistance near the $3,810 level. The first major resistance is near the $3,840 level. An upside break above the $3,840 resistance might send the price higher. The next key resistance sits at $3,920, above which the price might gain traction and rise toward the $4,000 level.
If the bulls push Ether above the $4,000 level, the price might rise and test the $4,080 resistance. Any more gains could send Ether toward the $4,200 resistance zone.
More Losses In ETH?
If Ethereum fails to clear the $3,840 resistance, it could continue to move down. Initial support on the downside is near $3,765. The next major support is near the $3,750 zone.
The main support sits at $3,720. A clear move below the $3,720 support might push the price toward $3,650. Any more losses might send the price toward the $3,550 level in the near term.
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 – $3,765
Major Resistance Level – $3,840
Welcome to Billionaire Club Co LLC, your gateway to a brand-new social media experience! Sign up today and dive into over 10,000 fresh daily articles and videos curated just for your enjoyment. Enjoy the ad free experience, unlimited content interactions, and get that coveted blue check verification—all for just $1 a month!
Account Frozen
Your account is frozen. You can still view content but cannot interact with it.
Please go to your settings to update your account status.
Open Profile Settings