Ethereum price recently faced a decline and tested the $3,720 support level. Currently, ETH is in a consolidation phase and encountering several obstacles around the $3,800 mark. The price action indicates a bearish trend, making it challenging for Ether to make significant upward movements.
Despite attempts by the bulls to defend key support levels, Ethereum remains below $3,800 and the 100-hourly Simple Moving Average. A new bearish trend line has emerged with resistance at $3,810, adding to the barriers for ETH. If the price breaks below the $3,720 support, it could result in further downward movement.
In order to reverse the current bearish trend, Ethereum needs to overcome resistance levels at $3,800, $3,850, and $3,890. A breakthrough above $3,950 could pave the way for a test of the critical $4,000 level. However, failure to surpass the $3,800 resistance might lead to continued downward pressure with support levels at $3,720, $3,640, and potentially $3,550 in the near future.
Looking at the technical indicators, the hourly MACD for ETH/USD is showing a loss of momentum in the bearish zone. Additionally, the hourly RSI is now below the 50 zone, indicating a bearish sentiment in the market. These indicators suggest that Ethereum may face further challenges in its price movement in the coming days.
Overall, Ethereum’s price movement remains uncertain with a downward bias in the short term. Traders and investors should closely monitor key support and resistance levels to gauge the future direction of ETH. As the cryptocurrency market continues to be volatile, it is essential to exercise caution and stay informed about the latest developments impacting Ethereum’s price.
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