Ethereum Price Analysis: Struggling to Maintain Above $4,000

Ethereum Price Analysis: Struggling to Maintain Above $4,000

The current Ethereum price is showing signs of struggle above the $4,000 zone. Although ETH had reached a new multi-month high above $4,080, it is slowly moving lower now and there is a risk of a downside thrust towards the $3,850 support level. The price is currently trading below $4,000 and the 100-hourly Simple Moving Average, indicating a bearish trend in the short term.

The MACD for ETH/USD is losing momentum in the bullish zone and the RSI is below the 50 level, suggesting a potential further downward movement in the price of Ethereum. The immediate support on the downside is near the $3,950 level, with the first major support at $3,880 and the next key support at $3,830. A clear break below the $3,830 level may lead to a more significant downside towards $3,750.

There is a connecting bullish trend line forming with support at $3,965 on the hourly chart of ETH/USD, indicating a possible bounce back if the price stays above $3,950. The pair could resume its increase if it manages to clear the $4,025 resistance zone. The first major resistance is near the $4,050 level, and the next major resistance lies around $4,085, above which the price might gain bullish momentum and rally towards $4,150. Further gains could even push Ethereum towards the $4,250 and $4,320 resistance levels.

The current Ethereum price analysis suggests that while there is still potential for upward movement towards higher resistance levels, there is also a possibility of a downside correction if the price fails to hold above $4,000. Traders and investors are advised to conduct their own research before making any investment decisions and to use the information provided at their own risk.

Analysis

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