Ethereum plummeted, what might push ETH below 4000 USD


Ethereum failed to stay above the USD 4,250 support level. If ETH fails to recover above the resistance level of $4,250, its loss may extend below $4,000.

  • Ethereum started a new decline from levels much higher than 4,350 USD and 4,300 USD.
  • The price is now below $4,250 and the 100-hour simple moving average.
  • On the hourly chart of ETH/USD (through data provided by Kraken), a short-term declining channel is formed, and the resistance is near $4,250.
  • If it clearly breaks below the $4,000 support zone, the currency pair may accelerate its decline.

Ethereum price faces more downside

Ethereum failed to stay above the $4,350 support level and continued to fall, similar to Bitcoin. ETH price dropped sharply below the support levels of 4,300 USD and 4,250 USD.

It also broke the $4,120 support level. It is currently trading at less than US$4,250, 100 hour simple moving average. Lows formed near $4,067, and Ether is now consolidating losses. The initial resistance on the upside is near $4,180.

The first major resistance is near the $4,250 level. On the hourly chart of ETH/USD, there is also a short-term decline channel formed, and the resistance is near 4,250 USD. The channel is close to the 23.6% Fibonacci retracement level of the recent decline from a high of $4,269 to a low of $4,067.

The next major resistance is near the $4,350 level. The main breakthrough area may be 4,420 USD. It is close to the 50% Fibonacci retracement level of the recent decline from a high of $4,269 to a low of $4,067.

Source: ETHUSD on TradingView.com

Closing above US$4,420 may start a new rise in the short term. Under the above circumstances, the price may rise to the level of US$4,600. Further increases may push prices up to the next key obstacle of $4,750.

ETH loses more?

If Ethereum fails to continue above the USD 4,250 and USD 4,350 resistance levels, it may continue to fall. The initial support for the downside is near $4,080.

The first key support level is now formed near $4,050. A break below the $4,050 support level may push the price below the $4,000 support level. The next key support is near the $3,850 level.

Technical index

MACD per hour —— The MACD of ETH/USD is accelerating in the bearish zone.

RSI per hour —— The RSI of ETH/USD is now close to the 30 level.

Main support level – 4,050 USD

Main resistance level – 4,250 USD



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