Ethereum Drops Below $4k - Can $3.9k Act As Price Support?
2021-12-24 | Daniel Smith
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/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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