Ethereum is correcting gains from $4,121 against the US Dollar. ETH price could start a fresh increase if there is a clear break above the $4,040 resistance.

  • Ethereum struggled to clear the $4,100 zone and corrected lower.
  • The price is trading just above $3,950 and the 100 hourly simple moving average.
  • There was a break below a key rising channel with support near $4,040 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a fresh increase if it stays above the $3,920 support and the 100 hourly SMA.

Ethereum Price Corrects Lower

Ethereum started a steady recovery wave above the $3,850 and $4,000 resistance levels. ETH even climbed above the $4,050 level and the 100 hourly simple moving average.

However, the price failed to continue higher above the $4,080 and $4,100 resistance levels. A high was formed near $4,121 before the price started a downside correction. There was a move below the $4,050 and $4,000 support levels.

There was also a break below a key rising channel with support near $4,040 on the hourly chart of ETH/USD. The pair is now trading just above $3,950 and the 100 hourly simple moving average.

There was a break below the 23.6% Fib retracement level of the upward move from the $3,650 low to $4,121 high. An immediate resistance on the upside is near the $4,040 level. The next major resistance is near the $4,080 level. A clear move above the $4,080 level and the recent higher could start a fresh increase in the near term.

Ethereum Price

The next stop for the bulls could be $4,120. A close above the $4,120 level may possibly spark a move towards…


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