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Ethereum Price Falls Short Above $4,000: Will Bulls Try Again?

Ethereum Price Falls Short Above $4,000: Will Bulls Try Again?

NewsbtcNewsbtc2024/12/18 06:00
By:Aayush Jindal

Ethereum price failed to settle above the $4,000 zone. ETH is correcting gains and might struggle to stay above the $3,820 support zone.

  • Ethereum started a downside correction from the $4,100 zone.
  • The price is trading below $3,980 and the 100-hourly Simple Moving Average.
  • There was a break below a key bullish trend line with support at $3,940 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to move down if it fails to stay above the $2,820 support zone.

Ethereum Price Fails Again

Ethereum price struggled to stay above the $4,000 level and underperformed Bitcoin . ETH started a fresh decline and traded below the $4,000 support zone.

There was a move below the $3,980 and $3,940 support levels. Besides, there was a break below a key bullish trend line with support at $3,940 on the hourly chart of ETH/USD. The pair even dipped below the $3,850 level. A low was formed at $3,837 and the price is now consolidating losses .

Ethereum price is now trading below $3,920 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,900 level. It is close to the 23.6% Fib retracement level of the downward move from the $4,107 swing high to the $3,837 low.

The first major resistance is near the $3,970 level or the 50% Fib retracement level of the downward move from the $4,107 swing high to the $3,837 low.

Source: ETHUSD on TradingView.com

The main resistance is now forming near $4,000. A clear move above the $4,000 resistance might send the price toward the $4,120 resistance. An upside break above the $4,120 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,250 resistance zone or even $4,320.

More Losses In ETH?

If Ethereum fails to clear the $3,900 resistance, it could continue to move down. Initial support on the downside is near the $3,820 level. The first major support sits near the $3,780 zone.

A clear move below the $3,780 support might push the price toward the $3,650 support. Any more losses might send the price toward the $3,550 support level in the near term. The next key support sits at $3,500.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 zone.

Major Support Level – $3,820

Major Resistance Level – $3,970

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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