Ethereum
Can Ethereum price hold this support and trigger a further increase?
Ethereum price began a downward correction below the $3,880 support. ETH is currently testing the $3,760 support and could aim for a further increase.
- Ethereum began another downward correction below the $3,880 area.
- The price is trading above $3,750 and the 100 hourly simple moving average.
- There is a connected downtrend line with resistance at $3,880 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could resume its rise unless it drops below the $3,760 support.
Ethereum price falls to support
Ethereum price failed to test the $4,000 resistance zone and started a downward correction, as Bitcoin. ETH fell below the $3,920 and $3,880 support levels.
There was also a spike below the 50% Fibonacci retracement level of the upward move from the $3,631 low to $3,972 high. Eventually, the price fell below the $3,800 level. However, the bulls were active near the $3,760 support zone.
The price remained above the 61.8% Fibonacci retracement level of the upward move from the $3,631 low to $3,972 high. Ethereum price is now trading above $3,750 and the 100-hour simple moving average.
Immediate resistance is near the $3,880 level. There is also a downtrend line forming with resistance at $3,880 on the ETH/USD hourly chart. The first major resistance is near the $3,920 level. An upside break above the $3,920 resistance could send the price higher.
The next key resistance lies at $3,950, above which the price could gain ground and reach the $4,000 level. If there is a clear move above the $4,000 level, the price could move higher and test the $4,080 resistance. Any further gains could send Ether towards the $4,150 resistance zone.
More losses in ETH?
If Ethereum fails to breach the $3,880 resistance, it could continue to decline. Initial downside support is near the $3,800 level.
The next major support lies near the $3,760 area. A sharp move below the $3,760 support could push the price towards $3,720. Any further losses could push the price towards the $3,630 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 – $3,760
Major Resistance Level – $3,880