Ethereum Dives Sharply – $4,000 Break Sparks Concerns Of Extended Downtrend

Ethereum price started a fresh decline below $4,050. ETH is now struggling and might decline further if it breaks the $3,850 support ￰0￱ failed to extend gains and declined below the $4,000 ￰1￱ price is trading below $4,050 and the 100-hourly Simple Moving ￰2￱ is a key bearish trend line forming with resistance at $4,050 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move down if it settles below $3,880 and $3,850. Ethereum Price Dips Further Ethereum price remained in a bearish zone after it settled below $4,250, like ￰3￱ price declined below the $4,120 and $4,050 support ￰4￱ bears even pushed the price below $4,000.

A low was formed at $3,826 and the price recently started a minor recovery ￰5￱ was a move above the 23.6% Fib retracement level of the downward wave from the $4,275 swing high to the $3,826 low. However, the bears remained active near the $3,950 resistance ￰6￱ price is now trading below $4,000 and the 100-hourly Simple Moving Average. Besides, there is a key bearish trend line forming with resistance at $4,050 on the hourly chart of ETH/USD. On the upside, the price could face resistance near the $4,000 ￰7￱ next key resistance is near the $4,050 level or the 50% Fib retracement level of the downward wave from the $4,275 swing high to the $3,826 ￰8￱ first major resistance is near the $4,120 level.

A clear move above the $4,120 resistance might send the price toward the $4,150 resistance and the trend ￰9￱ upside break above the $4,250 region might call for more gains in the coming ￰10￱ the stated case, Ether could rise toward the $4,320 resistance zone or even $4,350 in the near ￰11￱ Losses In ETH? If Ethereum fails to clear the $4,050 resistance, it could start a fresh ￰12￱ support on the downside is near the $3,880 ￰13￱ first major support sits near the $3,820 zone. A clear move below the $3,820 support might push the price toward the $3,750 ￰14￱ more losses might send the price toward the $3,720 region in the near ￰15￱ next key support sits at $3,650.

Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish ￰16￱ RSI – The RSI for ETH/USD is now below the 50 ￰17￱ Support Level – $3,820 Major Resistance Level – $4,050