The price of Ethereum has begun a new downward trend.
Ethereum has failed to obtain traction over the $3,880 mark. As a consequence, ETH responded negatively and traded under the $3,850 mark.
On the hourly chart of ETH/USD, there was a breach below a strong bullish pattern line with support at $3,800. The pair fell under the $3,750 support level as well as the 100 hourly simple moving average. Ether actually fell under the $3,800 mark, while bulls were strong at the $3,780 mark.
The price has finally corrected upward after forming a low at $3,680. Over the $3,720 barrier, there was a break. The price even surpassed the 50% Fib retracement level of the decline from the $3,850 surge to the top to the $3,681 low.
The bears appear to be aggressive at the $3,750 level as well as the 100 hourly simple moving average. The next significant stumbling block is located at $3,785. It is close to the 61.8 percent Fib retracement level of the decline since the $3,850 swing high to the $3,681 low.
A decisive break over $3,785 might propel the market to over $3,850. Any further rises might push the price up to the $4,000 mark. The next major resistance is at $4,200.
Downside Breakthrough in ETH?
ETH/USD 1 DAY PRICE CHART: SOURCE – COINMARKETCAP.COM
If ethereum does not begin a new upward trend over $3,750, it may keep falling. On the negative, a preliminary support level is at $3,800.
The initial major support is already emerging at about $3,780. A breach under $3,780 on the negative could trigger a strong drop in the short future. The next big support is at $3,850.
Measures of Technical Performance
Hourly MACD – The MACD for ETH/USD is currently steadily declining in the negative zone.
Hourly RSI – The RSI for ETH/USD is less than 50.
$3,720 USD for Major Support
$3,900 USD is the major resistance level.