TA: Ethereum plummeted after being rejected: technically still bullish

Ethereum failed to clear the resistance level of $3,850, and the exchange rate against the U.S. dollar continued to fall. The price of ETH remains at the support level of $3,680, but there are more downside risks.

  • Ethereum started to fall again from the resistance zone of $3,850.
  • The price is below US$3,750 and the 100-hour simple moving average.
  • On the hourly chart of ETH/USD (through data provided by Kraken), the main bullish trend line was broken, and the support level was near $3,800.
  • The currency pair must clear the $3,750 area and the 100-hour moving average to turn green in the short term

Ethereum price starts a new decline

Ethereum Work hard to gain strength Above the level of 3,850 US dollars. As a result, ETH reacted to the downside and traded below $3,800.

On the hourly chart of ETH/USD, it fell below the main bullish trend line and the support level was around 3,800 USD. The currency pair fell below the USD 3,750 support level and the 100-hour simple moving average. Ether even soared below US$3,700, but the bulls were active near US$3,680.

A low was formed near $3,680, and the price is now moving higher. It broke through the level of 3,720 USD. The price even soared above the 50% Fibonacci retracement level from the swing high of $3,850 to the low of $3,681.

The shorts appear to be active near $3,750, while 100 hour simple moving average. The next major resistance is near the $3,785 level. It is close to the 61.8% Fib retracement level that fell from the swing high of $3,850 to the low of $3,681.

Source: ETHUSD on TradingView.com

A clear upward break above the level of US$3,785 may push the price to US$3,850. Any more gains could push the price up to the $4,000 level. The next major resistance is near the $4,200 level.

ETH downside breakthrough?

If Ethereum fails to start a new rise above $3,750, it may continue to fall. The initial support for the downside is around 3,700 USD.

The first key support level is now formed near $3,680. A drop below the $3,680 level may trigger a sharp decline in the short term. The next major support is near the $3,620 level.

Technical index

MACD per hour —— The MACD of ETH/USD is now losing pace in the bearish zone.

Hourly RSI —— The RSI of ETH/USD is below the 50 level.

Main support level-3,680 USD

Main resistance-3,750 USD

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