Ethereum is following a bearish course listed below $4,100 versus the United States Dollar. ETH could recover, but upsides might be capped near $4,050 and $4,110.
- Ethereum extended its decrease listed below the $4,100 and $4,000 assistance levels.
- The price is now trading below $4,100 and the 100 hourly simple moving average.
- There was a break listed below a vital rising channel with assistance near $4,150 on the per hour chart of ETH/USD (information feed by means of Kraken).
- The pair could extend its decline if there is a break below $3,900 in the near term.
Ethereum Price Could Extend Losses
Ethereum stopped working to remain above the $4,120 and $4,100 assistance levels. ETH extended its decline below $4,000 and moved into a bearish zone, like bitcoin.
There was likewise a close listed below the $4,000 level and the 100 per hour easy moving average. Besides, there was a break below a crucial ascending channel with support near $4,150 on the hourly chart of ETH/USD. The rate surged listed below the $3,920 level and traded as low as $3,889.
Ether price is now consolidating losses above the $3,900 level. The rate is trading above the 23.6% Fib retracement level of the down relocation from the $4,313 swing high to $3,889 low. An immediate resistance on the upside is near the $4,010 level and a declining channel on the same chart.
The next significant resistance is near the $4,100 level. It is near the 50% Fib retracement level of the downward move from the $4,313 swing high to $3,889 low. A break above the $4,100 level might perhaps press the rate above the $4,200 level in the near term. Any more gains could lead the price towards the $4,320 level.
More Losses in ETH?
If ethereum stops working to recuperate above the $4,050 and $4,100 resistance levels, it could continue to move down. An initial support on the downside is near the $3,950 level.
The initially significant assistance is near the $3,920 level. The main support is near the $3,900 level. Any more disadvantages could lead the rate towards the $3,800 assistance. The next major support for the bulls is near the $3,720 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gradually acquiring speed in the bullish zone.
Hourly RSI – The RSI for ETH/USD is still below the 50 level.
Major Support Level – $3,900
Major Resistance Level – $4,100
