Ethereum Faces Renewed Pressure — More Losses Possible If Trend Persists

Ethereum price started a fresh decline below $3,850. ETH is moving lower below $3,800 and might decline further if it trades below $3,680. Ethereum started another bearish wave after it failed to clear $3,920. The price is trading below $3,800 and the 100-hourly Simple Moving ￰0￱ was a break below a rising channel with support at $3,840 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could continue to move down if it trades below $3,680. Ethereum Price Dips Again Ethereum price failed to stay in a positive zone and started a fresh decline, like ￰1￱ price declined below $3,880 and $3,850 to enter a bearish ￰2￱ was a clear move below the 61.8% Fib retracement level of the upward move from the $3,678 swing low to the $3,916 high. Besides, there was a break below a rising channel with support at $3,840 on the hourly chart of ETH/USD. Ethereum price is now trading below $3,800 and the 100-hourly Simple Moving ￰3￱ current price action is bearish below the 76.4% Fib retracement level of the upward move from the $3,678 swing low to the $3,916 ￰4￱ there is another increase, the price could face resistance near the $3,840 ￰5￱ next key resistance is near the $3,860 level and the 100-hourly Simple Moving ￰6￱ first major resistance is near the $3,920 level.

A clear move above the $3,920 resistance might send the price toward the $4,000 ￰7￱ upside break above the $4,000 region might call for more gains in the coming ￰8￱ the stated case, Ether could rise toward the $4,120 resistance zone or even $4,200 in the near ￰9￱ Losses In ETH? If Ethereum fails to clear the $3,840 resistance, it could start a fresh ￰10￱ support on the downside is near the $3,680 ￰11￱ first major support sits near the $3,650 zone. A clear move below the $3,650 support might push the price toward the $3,550 ￰12￱ more losses might send the price toward the $3,500 region in the near ￰13￱ next key support sits at $3,450 and $3,440.

Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish ￰14￱ RSI – The RSI for ETH/USD is now below the 50 ￰15￱ Support Level – $3,680 Major Resistance Level – $3,840