Ethereum
Can he overcome the challenges? — TradingView News
Ethereum price extended its decline and tested the $3,720 support. ETH is currently consolidating and faces 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.
- A new downtrend line forms with resistance at $3,810 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could continue to decline if it breaks the $3,720 support.
Ethereum price maintains support
Ethereum price remained in a short-term bearish zone and fell 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 low to $3,975 high.
However, the bulls were active near the $3,720 support zone. They protected the 76.4% Fibonacci retracement level of the upward move from the $3,631 low to $3,975 high.
Ethereum price is now trading below $3,800 and the 100 hourly simple moving average. If there is a further increase, ETH could face resistance near the $3,800 level. A new downtrend line is also forming with resistance at $3,810 on the ETH/USD hourly chart.
The first major resistance is near the $3,850 level. An upside break above the $3,850 resistance could send the price higher. The next key resistance lies at $3,890, above which the price could gain ground and reach the $3,950 level.
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If the bulls push Ether above the $3,950 level, the price could rise and test the $4,000 resistance. Any further gains could send Ether towards the $4,080 resistance zone.
More losses in ETH?
If Ethereum fails to breach the $3,800 resistance, it could continue to decline. Initial support on the downside is near the $3,720 level.
The next major support lies near the $3,640 area. A sharp move below the $3,640 support could push the price towards $3,550. Any further losses could push the price towards 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