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Ethereum price corrected its gains below the $3,880 zone. ETH is currently recovering some of its losses and is facing a hurdle near the $3,800 resistance zone.
Ethereum started a downward correction below $3,880 and $3,800. The price is trading below the 100-hour simple moving average at $3,880. The hourly chart of ETH/USD (data feed via Kraken) shows a major bearish trend line forming at the $3,815 resistance level. If it breaks above the $3,600 support zone, the pair could start a new rally.
Ethereum price falls further
Ethereum's price was unable to break above the $4,000 zone, and similar to Bitcoin, a downward correction began. ETH fell below the $3,880 and $3,800 support levels. It soared to below $3,600.
A low was formed at $3,488 and the price has now recovered some losses. It surpassed the $3,550 and $3,620 levels. Price crossed the $3,700 level and tested the 50% Fib retracement level of the decline from the swing high of $4,017 to the low of $3,488.
Ethereum price is currently trading below the 100 hourly simple moving average at $3,880. On the upside, the price appears to be facing a hurdle near the $3,780 level. The first major resistance level is near the $3,800 level.
On the hourly chart of ETH/USD, there is also a major bearish trendline forming resistance at $3,815. The trendline is near the 61.8% Fib retracement level of the swing high of $4,017 to the swing low of $3,488.
Source: ETHUSD on TradingView.com
The main resistance level is currently forming around $3,880. A clear break above the $3,880 resistance could push the price towards the $4,000 resistance. A break above the $4,000 resistance could require further upside in the coming sessions. In the above case, Ether could rise towards the $4,050 resistance zone and even $4,120.
Further losses for ETH?
If Ethereum fails to break through the resistance at $3,780, further decline could begin. Initial support on the downside is near the $3,620 level. The first major support is located near the $3,560 zone.
A clear move below the $3,560 support could push the price towards the $3,480 support. Any further losses could send the price towards the $3,350 support level in the short term. The next significant support is $3,250.
technical indicators
Hourly MACD – ETH/USD MACD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently below the 50 zone.
Major Support Level – $3,620
High resistance level – $3,880
