Ethereum broke key support, but bulls can still step in: analysis

Ethereum broke key support and extended the decline below the USD 3850 support against the US dollar, with ETH price consolidating and trading above the USD 3700 support area, so read more on the news today.

Ethereum extended its decline below the $ 3850 and $ 3800 support levels, with the price currently trading below $ 4000 and the 100-hour simple moving average. A major downtrend line is forming near the USD 3800 resistance level on the pair’s hourly chart. The pair can start a new rally if it breaks the USD 3850 resistance area and the 100-hour SMA. Ethereum struggled to gain pace above the $ 4000 and $ 4050 levels as the coin began another decline and traded below the $ 3850 support area.

There was a close below $ 4000 and the 100-hour simple moving average, with the price falling below the $ 3700 support and trading as high as $ 3665, with losses above the $ 700 consolidated% fib retracement level -Level from drop at $ 4176, high to $ 3665 low. There is a major downtrend line forming resistance near $ 3800 on the hourly ETH / USD pair. The next major resistance is near the $ 3920 level and near the 50% retracement from the $ 4,176 low to the $ 3,665 low for a short period above the $ 4,000 resistance.

The next major resistance is near the $ 4,150 level of the $ 3,660 level. So if there is a significant break below this support, the price could prolong its losses. The next major analytical support is at $ 3,550, below which it may drop to $ 3,200. The hourly MACD for the pair is accelerating in the bearish territory, with the hourly RSI for the pair below the 50 mark. The main support is at $ 3660 and the resistance is at $ 3920.