Ethereum price started a downside correction below $4,120. ETH is moving lower below $4,000 and might decline further if it trades below $3,880.
Ethereum price failed to stay in a positive zone and started a fresh decline, like Bitcoin. ETH price declined below $4,120 and $4,050 to enter a bearish zone.
There was a clear move below the 61.8% Fib retracement level of the upward move from the $3,708 swing low to the $4,252 high. Besides, there is a bearish trend line forming with resistance at $4,000 on the hourly chart of ETH/USD.
Ethereum price is now trading below $4,000 and the 100-hourly Simple Moving Average. If there is another increase, the price could face resistance near the $4,000 level and the trend line. The next key resistance is near the $4,030 level and the 100-hourly Simple Moving Average.
The first major resistance is near the $4,080 level. A clear move above the $4,080 resistance might send the price toward the $4,120 resistance. An upside break above the $4,120 region might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,200 resistance zone or even $4,220 in the near term.
If Ethereum fails to clear the $4,000 resistance, it could start a fresh decline. Initial support on the downside is near the $3,880 level. The first major support sits near the $3,840 zone and the 76.4% Fib retracement level of the upward move from the $3,708 swing low to the $4,252 high.
A clear move below the $3,840 support might push the price toward the $3,750 support. Any more losses might send the price toward the $3,700 region in the near term. The next key support sits at $3,650 and $3,620.
