Ethereum prices have begun a new decline of less than $4,050. ETH is currently struggling and could drop even further if it breaks its $3,850 support zone.
Ethereum was unable to extend its profits and fell below the $4,000 zone. The price is below $4,050 and trades a simple 100-hour moving average. The ETH/USD hourly wage chart (data feed via Kraken) has an important bearish trend line where resistance is formed at $4,050. The pair could continue to fall if they were below $3,880 and $3,850.
Ethereum prices drop even further
Ethereum prices remained in the bear zone after falling below $4,250, like Bitcoin. ETH prices fell below the support levels of $4,120 and $4,050.
The bear has pushed the price down to under $4,000. The lows formed at $3,826, and the price has recently begun a minor recovery wave. There was a 23.6% FIB retracement level of downward waves from a swing of $4,275 to a low of $3,826.
However, the Bears remained active near the $3,950 resistance zone. Ethereum prices are currently below $4,000, trading a simple 100-hour moving average. What's more, there's a key bearish trendline on the ETH/USD hourly wage chart that forms with $4,050 in resistance.
The advantage is that the price can face resistance near the $4,000 level. The next important resistance ranges from a downward wave of $4,050 or 50% FIB retracement level to a swing height of $4,275 to a low of $3,826. The first major resistance is close to the $4,120 level. A clear move outweighing the $4,120 resistance could potentially send prices towards the $4,150 resistance and trendline.
An upward break above the $4,250 region may require more profits in future sessions. If stated, ether could rise towards a resistance zone of $4,320, and even $4,350.
More losses in ETH?
If Ethereum fails to clear its $4,050 resistance, it could begin a new decline. The initial support for the downside is close to the $3,880 level. The first major support is near the $3,820 zone.
A clear move below the $3,820 support could push the price up to $3,750 support. Any further losses could send prices to the area, which is $3,720 in the short term. The following key support is $3,650.
Technical indicators
HOURLY MACD – ETH/USD's MACD is gaining momentum in the bear zone.
Hourly RSI – ETH/USD's RSI is below 50 zones.
Key Support Levels – $3,820
Major Resistance Levels – $4,050
