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Ethereum

Ethereum Turns Red, Why ETH’s Recovery Could Be Limited

Ethereum is following a bearish path below $4,100 against the US Dollar. ETH could recover, but upsides might be capped near $4,050 and $4,110.

Ethereum extended its decline below the $4,100 and $4,000 support levels.
The price is now trading below $4,100 and the 100 hourly simple moving average.
There was a break below a crucial ascending channel with support near $4,150 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could extend its decline if there is a break below $3,900 in the near term.

Ethereum Price Could Extend Losses
Ethereum failed to stay above the $4,120 and $4,100 support levels. ETH extended its decline below $4,000 and moved into a bearish zone, like bitcoin.
There was also a close below the $4,000 level and the 100 hourly simple moving average. Besides, there was a break below a crucial ascending channel with support near $4,150 on the hourly chart of ETH/USD. The price spiked below the $3,920 level and traded as low as $3,889.
Ether price is now consolidating losses above the $3,900 level. The price is trading above the 23.6% Fib retracement level of the downward move from the $4,313 swing high to $3,889 low. An immediate resistance on the upside is near the $4,010 level and a declining channel on the same chart.

Source: ETHUSD on TradingView.com
The next major resistance is near the $4,100 level. It is near the 50% Fib retracement level of the downward move from the $4,313 swing high to $3,889 low. A break above the $4,100 level may possibly push the price above the $4,200 level in the near term. Any more gains could lead the price towards the $4,320 level.
More Losses in ETH?
If ethereum fails to recover above the $4,050 and $4,100 resistance levels, it could continue to move down. An initial support on the downside is near the $3,950 level.
The first major support is near the $3,920 level. The main support is near the $3,900 level. Any more downsides could lead the price towards the $3,800 support. The next major support for the bulls is near the $3,720 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is still below the 50 level.
Major Support Level – $3,900
Major Resistance Level – $4,100

Carole Lloyd

Carole Lloyd

I'm a highly experienced crypto author. I've been writing about cryptocurrency for over 3 years now and have seen the industry grow and change immensely. I have a deep understanding of the technology behind crypto and can explain complex concepts in simple terms. My blog is followed by thousands of people who are interested in learning more about cryptocurrency.

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