When Will Ethereum Price Be Over $4k Again?

When Will Ethereum Price Be Over $4k Again?

2022-01-02 | Daniel Smith

When Will Ethereum Price Be Over $4k Again?

Ethereum was unable to maintain its price over the $3,850 and $3,800 support levels. ETH continued to fall and traded around the critical $3,750 support level.

The price fell sharply under $3,700 and closed under the 100 hourly simple moving average. It has fallen as short as $3,602 and is now accumulating losses. On the positive, the $3,655 level represents an immediate barrier.

It's roughly near the 23.6 percent Fib retracement level of the most recent slide between the $3,827 swing high and $3,602 low. The next significant resistance is at $3,715.

On the hourly graph of ETH/USD, a significant negative trend line with the opposition of approximately $3,715 is also formed. The trend line is at the 50% Fib entrancement level of the current slide from the $3,827 swing high to the $3,602 minimum. To begin a good recovery, the price needs to break through the $3,715 barrier level.

In the aforementioned scenario, the price might move near $3,850 or the 100 hourly simple moving average. Any more increases might bring the price above the $4,000 barrier.

More Drawbacks in ETH?

eth

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

If ethereum refuses to break through the $3,715 resistance mark, it may keep falling. On the negative, an initial support level is at $3,650, or the current low.

The first significant support is presently building at $3,750 and $3,700. A breach under the $3,750 and $3,700 levels might put the bulls under a lot of pressure. In the aforementioned scenario, the price might fall towards the $3,650 support zone in the short future.

Measures of Technical Performance

Hourly MACD - The MACD for ETH/USD is currently shedding ground in the negative zone.
Hourly RSI - The RSI for ETH/USD is close to 30.
$3,730 for Major Support
$3,800 is the major resistance level.

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