Ethereum price recently faced a downside correction after failing to clear the $3,880 resistance level. The price is now trading below $3,840 and the 100-hourly Simple Moving Average. A key bullish trend line near $3,830 was also broken, indicating a bearish outlook for ETH.
The MACD for ETH/USD is currently gaining momentum in the bearish zone, while the RSI is below the 50 zone. If Ethereum fails to clear the $3,840 resistance, it could continue to slide towards the $3,720 support. Further support levels are seen at $3,765, $3,750, and the main support at $3,720. A break below $3,720 could lead to a further decline towards $3,650 and potentially $3,550 in the near term.
On the other hand, if the bulls are able to push the price above the $3,840 resistance, Ethereum might face resistance near the $3,810 level. The first major resistance lies at $3,840, followed by $3,920 and potentially a rise towards $4,000. If the price surpasses $4,000, the next resistance levels are at $4,080 and $4,200. However, for Ethereum to gain traction and move higher, it needs to break above key resistance levels.
Ethereum is currently in a corrective phase after facing resistance near $3,880. The price is now trading below key levels and facing potential downside pressure. While there is a possibility of a bullish reversal if the price breaks above resistances, a failure to do so could result in further losses for Ethereum. Traders and investors should closely monitor the price action and key support/resistance levels to determine the next potential moves for Ethereum.