Ethereum Turns Lower — Market Sentiment Softens As $4K Level Gives Way

Ethereum price started a downside correction from $4,250. ETH is moving lower below $4,000 and might decline further if it trades below $3,920. Ethereum started a downside correction below $4,150 and $4,050. The price is trading below $4,050 and the 100-hourly Simple Moving ￰0￱ was a break below a bullish trend line with support at $4,100 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could continue to move down if it trades below $3,920. Ethereum Price Starts Downside Correction Ethereum price extended gains above the $4,050 level, like ￰1￱ price even surpassed $4,200 before the bears appeared. A high was formed at $4,252 and the price recently started a downside ￰2￱ was a move below the $4,120 and $4,050 ￰3￱ price dipped below the 50% Fib retracement level of the recent wave from the $3,708 swing low to the $4,252 high. Moreover, there was a break below a bullish trend line with support at $4,100 on the hourly chart of ETH/USD.

Ethereum price is now trading below $4,080 and the 100-hourly Simple Moving ￰4￱ there is another increase, the price could face resistance near the $4,040 ￰5￱ next key resistance is near the $4,080 ￰6￱ first major resistance is near the $4,120 level. A clear move above the $4,120 resistance might send the price toward the $4,200 ￰7￱ upside break above the $4,200 region might call for more gains in the coming ￰8￱ the stated case, Ether could rise toward the $4,240 resistance zone or even $4,250 in the near ￰9￱ Losses In ETH? If Ethereum fails to clear the $4,080 resistance, it could start a fresh ￰10￱ support on the downside is near the $3,950 ￰11￱ first major support sits near the $3,920 zone and the 61.8% Fib retracement level of the recent wave from the $3,708 swing low to the $4,252 high.

A clear move below the $3,920 support might push the price toward the $3,880 ￰12￱ more losses might send the price toward the $3,840 region in the near ￰13￱ next key support sits at $3,780. 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 – $3,920 Major Resistance Level – $4,080