Ethereum Faces Renewed Pressure — More Losses Possible If Trend Persists

Ethereum price started a fresh decline below $3,850. ETH is moving lower below $3,800 and might decline further if it trades below $3,680.

• Ethereum started another bearish wave after it failed to clear $3,920.
• The price is trading below $3,800 and the 100-hourly Simple Moving Average.
• There was a break below a rising channel with support at $3,840 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could continue to move down if it trades below $3,680.

Ethereum price failed to stay in a positive zone and started a fresh decline, like Bitcoin. ETH price declined below $3,880 and $3,850 to enter a bearish zone.

There was a clear move below the 61.8% Fib retracement level of the upward move from the $3,678 swing low to the $3,916 high. Besides, there was a break below a rising channel with support at $3,840 on the hourly chart of ETH/USD.

Ethereum price is now trading below $3,800 and the 100-hourly Simple Moving Average. The current price action is bearish below the 76.4% Fib retracement level of the upward move from the $3,678 swing low to the $3,916 high.

If there is another increase, the price could face resistance near the $3,840 level. The next key resistance is near the $3,860 level and the 100-hourly Simple Moving Average.

The first major resistance is near the $3,920 level. A clear move above the $3,920 resistance might send the price toward the $4,000 resistance. An upside break above the $4,000 region might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,120 resistance zone or even $4,200 in the near term.

If Ethereum fails to clear the $3,840 resistance, it could start a fresh decline. Initial support on the downside is near the $3,680 level. The first major support sits near the $3,650 zone.

A clear move below the $3,650 support might push the price toward the $3,550 support. Any more losses might send the price toward the $3,500 region in the near term. The next key support sits at $3,450 and $3,440.

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 – $3,680

Major Resistance Level – $3,840