Ethereum has recently experienced renewed downward pressure, with its price falling below key support levels amid a broader market correction. After failing to surpass the resistance at approximately $3,920, ETH entered a bearish phase that has pushed its value below the $3,800 level.
The recent decline was prompted by a breakdown of a rising channel support line at around $3,840, which had previously acted as a pivotal support point. The price also breached the 61.8% Fibonacci retracement level derived from the upward move from $3,678 to $3,916, reinforcing the strength of the downward momentum. Currently, Ethereum is trading below its 100-hour Simple Moving Average and is consolidating in a lower zone, aligned with bearish technical signals.
If the selling momentum persists, the next immediate support zones are identified near $3,680 and $3,650, with further downside potential pointing toward $3,550 and $3,440 should these levels be broken. Conversely, on the upside, initial resistance is seen around $3,840, with more significant resistance near $3,860. A sustained move above these levels could signal a reversal, with key resistance at approximately $3,920, and possibly opening pathways toward $4,000 or even $4,120 in subsequent sessions.
Technical indicators currently support the bearish outlook. The MACD is trending deeper into negative territory, reflecting growing selling pressure, while the Relative Strength Index remains below 50, indicating diminished buying momentum. Should ETH fail to regain the $3,840 resistance, the potential for further declines remains elevated, underscoring the importance of these levels for traders monitoring Ethereum ’s near-term trajectory.
