As a seasoned crypto investor with a few years of experience under my belt, I’ve seen the Ethereum price swing wildly in various market conditions. And right now, I see some bearish signs below the $3,840 support for Ethereum.
The Ethereum price exhibits some bearish indications as it hovers just above the $3,840 threshold of support. A significant downtrend may ensue for Ethereum if the price falls beneath the $3,700 mark.
- Ethereum extended its decline and tested the $3,700 zone.
The price is trading below $3,840 and the 100-hourly Simple Moving Average.
There was a break below a key bullish trend line with support near $3,780 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh increase unless there is a close below the $3,700 support.
Ethereum Price Dips Again
As an analyst, I’ve observed that Ethereum had a tough time initiating a new rise above the $3,850 resistance mark. Unfortunately, ETH was unable to surpass the 50% Fibonacci retracement level of the bearish trend that extended from the $3,958 peak to the $3,702 trough.
In simpler terms, Ethereum’s price dropped beneath the crucial support level of $3,780 on its hourly chart against the US dollar, breaking a significant bullish trend line in the process. Currently, Ethereum is trading below both $3,840 and the 100-hour Simple Moving Average, with no signs of rejection at the $3,800 mark as observed in Bitcoin‘s price behavior.
As a researcher studying Ethereum price trends, I’ve observed that should there be another price surge, Ethereum could encounter resistance around the $3,800 mark. Notably, the initial significant resistance lies at approximately $3,840.
If the price breaks upward past the $3,840 barrier, it could lead to a continued climb. The next notable resistance lies at $3,900 or the 76.4% Fibonacci retracement mark of the decline from the peak of $3,958 to the low of $3,702. Surmounting this hurdle could give the price momentum, potentially pushing it towards the $4,000 threshold.
Should Ether’s bulls manage to drive its price above the $4,000 threshold, a further increase is likely, potentially challenging the resistance at $4,080. Surmounting this barrier may pave the way for Ether to advance toward the $4,220 resistance area.
More Losses In ETH?
As an analyst, I would interpret a failure of Ethereum to surpass the $3,840 resistance as a potential trigger for another price drop. The initial support for Ethereum’s value lies around the $3,730 mark.
The price may encounter significant resistance around the $3,700 mark. A decisive drop beneath $3,700 could potentially lead to a decline towards $3,660. Further losses might cause the price to approach $3,550 in the short term.
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 – $3,730
Major Resistance Level – $3,840
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2024-06-04 05:28