Ethereum Price Analysis

Ethereum price struggled to stay above $4,020 and dipped further. ETH is now consolidating in a range and might decline further if there is a move below $3,820.

• Ethereum started a fresh decline below $4,020 and $4,000.
• The price is trading below $4,000 and the 100-hourly Simple Moving Average.
• There is a key bearish trend line forming with resistance at $4,070 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could continue to move down if it trades below $3,820.

Ethereum Price Dips Below Support

Ethereum price struggled to settle above $4,120 and corrected most gains, similar to Bitcoin. ETH price declined below the $4,020 and $4,000 levels.

It even tested the $3,820 zone. A low was formed at $3,828, and the price is now consolidating losses. There was a minor increase toward the 23.6% Fib retracement level of the recent decline from the $4,215 swing high to the $3,828 low.

Ethereum price is now trading below $4,000 and the 100-hourly Simple Moving Average. Additionally, a key bearish trend line forming with resistance at $4,070 on the hourly chart of ETH/USD.

On the upside, the price could face resistance near the $3,950 level. The next key resistance is near the $4,020 level and the 50% Fib retracement level of the recent decline from the $4,215 swing high to the $3,828 low. The first major resistance is near the $4,070 level and the trend line.

A clear move above the $4,070 resistance might send the price toward the $4,120 resistance. An upside break above the $4,120 region might call for more gains in the coming sessions. In that case, Ether could rise toward the $4,220 resistance zone or even $4,250 in the near term.

Potential for Another Decline in ETH?

If Ethereum fails to clear the $4,020 resistance, it could start a fresh decline. Initial support on the downside is near the $3,880 level. The first major support sits near the $3,820 zone.

A clear move below the $3,820 support might push the price toward the $3,740 support. Any more losses might send the price down toward the $3,650 region in the near term. The next key support sits at $3,550.

Technical Indicators

• Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
• Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
• Major Support Level – $3,820
• Major Resistance Level – $4,070