Ethereum is currently facing some bearish signs as it struggles to stay above the $3,840 support level. The price is showing a lack of bullish momentum and could potentially see a further decline if it drops below $3,700.
Despite attempts to increase, Ethereum has failed to break above the $3,850 resistance zone. The price was unable to clear the 50% Fib retracement level and faced rejection below the $3,800 level. This is in contrast to Bitcoin’s performance in the market.
The Hourly MACD for ETH/USD is currently in the bearish zone, indicating a lack of positive momentum. Additionally, the Hourly RSI for ETH/USD has dropped below the 50 zone, signifying a weakening trend.
If Ethereum manages to break above the $3,840 resistance level, it could potentially see a rise towards $4,000. The next key resistance after that would be around $4,080, followed by the $4,220 zone if the bulls continue to push the price higher.
On the other hand, failure to surpass the $3,840 resistance could lead to another decline in price. Initial support is expected around $3,730, with a major support level near $3,700. A clear move below $3,700 could see the price drop further towards $3,660, and potentially even as low as $3,550 in the near future.
Ethereum is currently facing challenges in breaking through key resistance levels and maintaining bullish momentum. Traders and investors should keep a close eye on the $3,840 level for potential changes in price direction. With technical indicators showing a bearish trend, caution is advised in trading ETH/USD at this time.
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