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

Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. 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 Average. There 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 Bitcoin . ETH price even surpassed $4,200 before the bears appeared. A high was formed at $4,252 and the price recently started a downside correction. There was a move below the $4,120 and $4,050 levels. The 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 Average . If there is another increase, the price could face resistance near the $4,040 level. The next key resistance is near the $4,080 level. Source: ETHUSD on TradingView.com The 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 resistance. An upside break above the $4,200 region might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,240 resistance zone or even $4,250 in the near term. More Losses In ETH? If Ethereum fails to clear the $4,080 resistance, it could start a fresh decline. Initial support on the downside is near the $3,950 level. The 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 support. Any more losses might send the price toward the $3,840 region in the near term. The next key support sits at $3,780. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major Support Level – $3,920 Major Resistance Level – $4,080