Ethereum ’s price is currently on a downward trend after failing to maintain stability above the $4,000 level. The cryptocurrency has seen a correction, struggling to hold the $3,820 support level as it trades below key price markers.
Recent activity indicates that Ethereum began its decline from the $4,100 range, ultimately falling below the $3,980 and $3,940 support levels. This drop was accompanied by the breakdown of a crucial bullish trend line, signaling a shift in market momentum. A low was recorded at $3,837, and the price is now in a phase of consolidating its losses.
At the moment, Ethereum ’s trading position is below both the $3,920 level and the 100-hourly Simple Moving Average. Resistance is becoming evident near the $3,900 level, which coincides with the 23.6% Fibonacci retracement level of the recent decline. The first significant resistance lies around $3,970, alongside the 50% Fibonacci retracement from the $4,107 high to the $3,837 low.
Moving forward, the main hurdle for Ethereum remains near the $4,000 level. A decisive breakthrough over this resistance could propel prices toward $4,120 and potentially higher, with targets set at $4,250 or even $4,320 in optimistic scenarios.
Conversely, if Ethereum is unable to overcome the $3,900 resistance, the downward pressure may increase. Initial support is positioned around $3,820, with further major support identified at $3,780. A decline below this $3,780 level could lead to prices dropping toward $3,650, and potentially as low as $3,500 if losses continue. Market indicators suggest a bearish sentiment is prevailing, highlighting concerns for Ethereum ’s future performance.
