Ethereum (ETH) Drops after Rejection; Technicals Still Show Bullishness
- ETH kick-started a new drop from the resistance area at $3,850.
- The altcoin trades under $3,750 and 100-hr SMA.
- ETH/USD one-hour chart shows a break beneath a massive bullish trend0line with support at $3,800 (Kraken data).
- The pair should conquer $3,750 and 100-hr Simple Moving Average for a short-term bullishness.
Ethereum resumed declines after failure to overcome the resistance at $3,850. The alt holds the support at $3,680 but can dip further.
ETH Price Starts New Downtrend
Ether struggles to gain momentum beyond the level of $3,850. With that, the leading altcoin reacted with downward actions, hovering beneath the $3,800 mark. The token’s hourly chart shows a break beneath a critical bullish trend-line with support of around $3,800.
Meanwhile, Ethereum dropped beneath the $3,750 support area and 100-hr Simple Moving Average. The token even plunged under $3,700, but ETH bulls stepped up around the $3,680 zone.
Ethereum formed a low around the $3,680 zone, and the coin corrects higher. The alt broke past $3,720. Moreover, ETH price spiked past the 50% IB retracement zone of the downward action from $3,850 to $3,681.
It appears like Ether bears are active around $3,750 and 100-hr Simple Moving Average. Meanwhile, the asset has its following critical resistance of around $3,785. The level sits near 61.8% Fibonacci retracement of the downtrend to $3,681 low from the swing highs of $3,850.
A clear upward break past $3,785 might pump Ethereum towards a value area of $3,850. Further gains from here might see the token exploring the $4,000 zone. The following critical resistance zone locates at $4,200.
ETH to Break Lower?
If Ether fails to register an uptick beyond $3,750, it might see a continued downtrend. The coin’s initial downward support stood at $3,700. Meanwhile, Ethereum has its initial critical support forming around $3,680. Breaching this zone might mean a sharp short-term decline in Ether price. Ethereum’s next support stands around the $3,620 threshold. The crypto might depend on the overall crypto market sentiment for its next directional move.
ETH Technical Indicators
- Vital support level – $3,680
- Critical resistance level – $3,750
- ETH/USD RSI stays under the 50 mark
- MACD loses pace within the bearish region.
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