The Ethereum price has been struggling to maintain above the $4,000 level and has seen a decline below key support levels. It broke below the $3,940 support level and a bullish trend line at $3,940 on the hourly chart. The price also dropped below the $3,850 level and formed a low at $3,837. Currently, Ethereum is consolidating its losses and is trading below $3,920 and the 100-hourly Simple Moving Average. On the upside, it faces resistance around the $3,900 level and the major resistance at $4,000. If the price manages to break above $4,000, it could continue to rise towards the $4,120 resistance and potentially even higher. However, if it fails to clear the $3,900 resistance, it might continue to decline. The initial support is at the $3,820 level, followed by the major support at $3,780. If the price falls further, it could reach the $3,650 and $3,550 support levels. The technical indicators show that the MACD is in the bearish zone and the RSI is now below 50, indicating a negative sentiment.



Other News from Today