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Ethereum price corrected gains from the $4,080 resistance area. ETH is now trading below $4,000 and showing some bearish signs.
- Ethereum started a lower correction from a high of $4,093.
- The price is trading above $3,920 and the 100-hour Simple Moving Average.
- There was a break below the main bullish trend line with support at $3,965 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could start a new uptrend if it stays above the $3,840 support area.
Ethereum Price Fixes Some Gains
Ethereum price remained a good bid above the $3,750 support area. ETH formed a base and started a new surge above $3,920 beating Bitcoin. The bulls managed to push the price above the $4,000 resistance.
The price tested resistance at $4,080. A high was formed at $4,093 and the price began a lower correction. There was a move below the $4,050 and $4,000 levels. The price dipped below the 23.6% Fib retracement retracement level from the swing low of $3,680 to the high of $4,093.
Besides, there was a break below the main bullish line with support at $3,965 on the ETH/USD hourly chart. Ethereum price is now trading above $3,920 and the 100-hour Simple Moving Average.
On the other hand, the price seems to be facing obstacles near the $3,960 level. The first major resistance is near the $3,980 level. The main resistance now makes about $4,000. A clear move above the $4,000 resistance could send the price to the $4,080 resistance.
A break above $4,080 may require additional gains in future sessions. In the mentioned case, Ether can rise to the resistance area of ​​$4,150 or even $4,220.
More Loss on ETH?
If Ethereum fails to clear the $4,000 resistance, it could start another decline. The first support on the downside is near the $3,920 level. The first major support sits near the $3,880 area.
A clear move below the $3,880 support could propel the price towards the $3,840 support. Another loss could send the price to the $3,770 support level in the near term. The next key support remains at $3,650.
Technical References
MACD per hour – MACD of ETH/USD is losing momentum in bullish territory.
Hourly RSI – The RSI for ETH/USD is now below the 50 area.
Major Support Level – $3,920
Major Resistance Level – $3,980
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