• Ethereum price started a fresh decline from the $4,080 resistance against the US Dollar.
• ETH price is now trading just above $3,900 and near the 55 simple moving average (4-hours).
• There is a crucial bearish trend line forming with resistance near $3,980 on the 4-hours chart (data feed from Coinbase).
• The pair could start a major increase if there is a clear break above $3,980 and $4,000.

Ethereum price is recovering above $3,900 against the US Dollar. ETH/USD could start a steady increase if there is a clear move above $4,000.

Ethereum Price Analysis

Recently, ethereum saw a fresh decline from well above $4,000 against the US Dollar. ETH price traded below the $4,000 support and moved into a bearish zone.

There was also a move below the $3,720 level and the 55 simple moving average (4-hours). A low was formed near $3,660 and the price is now correcting losses. The price recovered above the $3,800 resistance level. There was a move above the 23.6% Fib retracement level of the key decline from the $4,490 swing high to $3,660 low.

The price is now facing resistance near the $3,950 level. It is trading just above $3,900 and near the 55 simple moving average (4-hours).

There is also a crucial bearish trend line forming with resistance near $3,980 on the 4-hours chart. Any more gains could send the price towards the $4,080 level. It is near the 50% Fib retracement level of the key decline from the $4,490 swing high to $3,660 low.

The next major stop for the bulls could be near the $4,200 level. An immediate support on the downside is near the $3,880…