Ethereum prices have begun a minus side fix from the $3,850 zone. ETH is running lower than it is now, but you may find a bid near the $3,520 support zone.
- Ethereum has begun a lower side fix, below the $3,770 level.
- The price is below $3,680 and trades a simple moving average of 100 hours.
- The ETH/USD hourly wage chart (data feed via Kraken) has an important bearish trend line where resistance is formed at $3,670.
- The pair could begin to launch new increases if they remain supported beyond the $3,550 zone in the short term.
Ethereum Price retains support
Ethereum’s prices were unable to extend profits beyond the $3,850 level and began revising downsides like Bitcoin. ETH prices are below the support levels of $3,800 and $3,770.
There was a move below the 50% FIB retracement level from a $3,480 swing to $3,859. The decline was even below the $3,660 level and a simple moving average of 100 hours.
However, the Bulls were active near the 76.4% FIB retracement level of the upward movement from a $3,480 swing low to a $3,859 upward movement. Ethereum prices are currently below $3,680, trading a simple 100-hour moving average.
The advantage is that the price could face resistance close to the $3,670 level. Also, the ETH/USD hourly wage chart has a significant bearish trend line that forms with a resistance of $3,670. The next important resistance is close to the $3,770 level. The first major resistance is close to the $3,800 level. A clear move above the $3,800 resistance could potentially send the price towards the $3,850 resistance.
An upward break above the $3,850 resistance could require more profits in future sessions. If specified, ether could rise towards a $4,000 resistance zone, or even $4,200.
Another reduction in ETH?
If Ethereum fails to clear the $3,670 resistance, it could begin a negative side fix. The initial support for the downside is close to the $3,600 level. The first major support is near the $3,570 zone.
A clear move below the $3,570 support could push the price up to $3,520 support. Any further losses could send prices towards a support level of $3,450 in the short term. The following key support is $3,320.
Technical indicators
Timely MACD – ETH/USD’s MACD is losing momentum in the bear zone.
Hourly RSI – ETH/USD’s RSI is below 50 zone.
Key Support Levels – $3,520
Major Resistance Levels – $3,670
