Ethereum Price Faces Rejection Near Resistance Zone — Risk Of Deeper Correction Rises

Ethereum price started a recovery wave above $3,950. ETH failed to clear $4,050 and recently started a fresh decline below $4,000. Ethereum started a fresh recovery above $3,880 and $3,980. The price is trading below $3,950 and the 100-hourly Simple Moving ￰0￱ was a break below a bullish trend line with support at $3,960 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could continue to move down if it trades below $3,840. Ethereum Price Fails Again Ethereum price started a decent recovery wave above the $3,800 resistance, like ￰1￱ price surpassed the $3,880 and $3,980 levels to enter a short-term positive ￰2￱ price even cleared the 50% Fib retracement level of the downward move from the $4,292 swing high to the $3,677 low. However, the bears remained active near the $4,080 resistance zone and prevented an upside ￰3￱ price failed to settle above the 61.8% Fib retracement level of the downward move from the $4,292 swing high to the $3,677 ￰4￱ was a fresh decline below $4,000. Besides, there was a break below a bullish trend line with support at $3,960 on the hourly chart of ETH/USD.

Ethereum price is now trading below $3,960 and the 100-hourly Simple Moving ￰5￱ the upside, the price could face resistance near the $3,980 ￰6￱ next key resistance is near the $4,050 ￰7￱ first major resistance is near the $4,080 level. A clear move above the $4,080 resistance might send the price toward the $4,120 ￰8￱ upside break above the $4,120 region might call for more gains in the coming ￰9￱ the stated case, Ether could rise toward the $4,220 resistance zone or even $4,250 in the near ￰10￱ Break In ETH? If Ethereum fails to clear the $3,980 resistance, it could start a fresh ￰11￱ support on the downside is near the $3,860 ￰12￱ first major support sits near the $3,840 zone.

A clear move below the $3,840 support might push the price toward the $3,820 ￰13￱ more losses might send the price toward the $3,680 region in the near ￰14￱ next key support sits at $3,620. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish ￰15￱ RSI – The RSI for ETH/USD is now below the 50 ￰16￱ Support Level – $3,840 Major Resistance Level – $4,050