Ethereum Drops Below $4k - Can $3.9k Act As Price Support?

Ethereum Drops Below $4k - Can $3.9k Act As Price Support?

2021-12-24 | Daniel Smith

Ethereum Drops Below $4k - Can $3.9k Act As Price Support?

Ethereum attempted to break over the $4,020 and $4,050 resistance levels. ETH has already surpassed the $4,050 mark and the 100 hourly simple moving average but failed to continue the price rally. Nevertheless, there was no upward movement over $4,075. A peak was made around $4,075 and the price began to decline. Under the $4,000 support level, there was a breach. Ether also fell under the 23.6 percent Fib retracement level of the uptrend from the $3,750 tilt bottom to the $4,075 high. It is presently going under $4,020 as well as the 100 hourly simple moving average. On the positive, an imminent resistance is at $3,980. On the hourly, a significant contracting triangle is building, with resistance at $3,980. The following significant resistance is at $4,020. A clean break over $4,020 might send the price much higher in the short term. The bulls' following check might be $4,080, after which the price could increase to $4,200. Any further rises might push the price up to $4,250. Is there a downturn in ETH? ETH

ETH/USD 1 DAY PRICE CHART: SOURCE - COINMARKETCAP.COM

If ethereum does not begin a new upward trend over $4,000, it may keep falling. On the negative, an initial support level is at $3,940. The first major support is already emerging about $3,920. The 50% Fib retracement level of the rising advance from the $3,750 swings to the bottom to the $4,075 high is also at $3,920. A breach below the $3,920 and $3,900 levels on the negative might trigger a new slump in the near term. Indices of Technical Performance Hourly MACD - The ETH/USD MACD is moving towards the negative zone. Hourly RSI - The RSI for ETH/USD has fallen below 50. $3,920 for Major Support $4,020 is the major resistance level.

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