Ethereum failed to clear the $3,850 resistance and resumed decline against the US Dollar. ETH price is holding the $3,680 support, but there is a risk of more downsides.

  • Ethereum started another decline from the $3,850 resistance zone.
  • The price is trading below $3,750 and the 100 hourly simple moving average.
  • There was a break below a major bullish trend line with support near $3,800 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must clear the $3,750 zone and the 100 hourly SMA to turn green in the near term

Ethereum Price Starts Fresh Decline

Ethereum struggled to gain strength above the $3,850 level. As a result, ETH reacted to the downside and traded below the $3,800 level.

There was a break below a major bullish trend line with support near $3,800 on the hourly chart of ETH/USD. The pair declined below the $3,750 support level and the 100 hourly simple moving average. Ether even spiked below the $3,700 level, but the bulls were active near the $3,680 level.

A low was formed near $3,680 and the price is now correcting higher. There was a break above the $3,720 level. The price even spiked above the 50% Fib retracement level of the downward move from the $3,850 swing high to $3,681 low.

It seems like the bears are active near the $3,750 level and the 100 hourly simple moving average. The next major resistance is near the $3,785 level. It is near the 61.8% Fib retracement level of the downward move from the $3,850 swing high to $3,681 low.

Ethereum Price

Source: ETHUSD on TradingView.com

A clear upside break above the $3,785 level could pump the price towards…


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