Ethereum price is struggling above the $4,000 zone. ETH is slowly falling and there is a risk of negative momentum towards the $3,850 support.
- Ethereum traded to a new multi-month high above $4,080 before correcting lower.
- The price is trading below $4,000 and the 100 hourly simple moving average.
- There is a bullish trendline forming with support at $3,965 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair may resume its rise if it surpasses the $4,025 resistance zone.
Ethereum Price Maintains Support
Ethereum price extended its rise above the $4,050 level as Bitcoin. ETH traded to a new multi-month high above $4,080 before a downside correction occurred.
The price fell below the $4,000 level. It appears that Ether bulls are struggling to keep the price above $4,000. There was a move below the 23.6% Fibonacci retracement level of the upward move from the low of $3,830 to the high of $4,083.
Ethereum price is now trading below $3,980 and the 100 hourly simple moving average. However, bulls are active near the $3,950 zone. There is also a bullish trend line forming with support at $3,965 on the hourly ETH/USD chart. The trend line is near the 50% Fibonacci retracement level of the upward movement from the $3,830 swing low to $4,083 high.
If the pair remains above the $3,950 level, it may try another increase. Immediate positive resistance is near the $4,025 level. The first major resistance is near the $4,050 level. The next major resistance is near $4,085, above which the price could gain bullish momentum.
Source: ETHUSD on TradingView.com
In the stated case, Ether could rise towards the $4,150 level. If there is a move above the $4,150 resistance, Ethereum could even rise towards the $4,250 resistance. Any additional winnings may require a test of $4,320.
Downside breakout in ETH?
If Ethereum fails to clear the $4,025 resistance, it could initiate a downside correction. Initial downside support is near the $3,950 level.
The first major support is near the $3,880 zone. The next important support could be the $3,830 zone. A clear move below the $3,830 support could send the price towards $3,750. Further losses could send the price towards the $3,650 level.
Technical Indicators
MACD per hour – The MACD for ETH/USD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $3,950
Main resistance level – $4,025
Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC’s opinion on buying, selling or holding any investments and, naturally, investing carries risks. We advise that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.