⏳ ETH Pauses Above $3,700 — Calm Before a Correction?
Ethereum rebounded from $3,400 support. ETH is battling above $3,700 and may drop again.
Ethereum rose again over $3,440 and $3,500.
The price is below $3,620 and the 100-hour SMA.
The hourly ETH/USD chart broke below a positive trend line with support around $3,620.
If supported over $3,500, the pair may rise again.
Ethereum Falls Below $3,600
Ethereum rose from $3,365, topping Bitcoin. ETH recovered over $3,400 and $3,500 barrier.
It moved over the 50% Fib retracement level of the $3,877 swing high to $3,369 low decline. Bulls even broke $3,700 resistance. Bears remained active around $3,750.
Resistance came from the 61.8% Fib retracement level of the $3,877 swing high to $3,369 low. The price fell below $3,700 again. The hourly ETH/USD chart broke below a positive trend line with support around $3,620.
Ethereum has fallen below $3,600 and the 100-hour SMA. Price may find resistance at $3,620 on the upside. Around $3,700 is the next major resistance.
Around $3,750 is the first substantial obstacle. A clean break over $3,750 might push the price above $3,820. Above $3,820 barrier might lead to greater advances in the following sessions. Ether may soar to $4,000 or $4,120 soon.
More ETH losses?
Ethereum may fall again if it fails to break $3,620. Around $3,550 is first downside support. Around $3,510 is the first substantial assistance.
A decisive break below $3,510 might bring the price toward $3,420. If losses continue, the price may reach $3,350 support. Next important support is $3,220.
Tech Indicators
The negative MACD for ETH/USD is growing.
Hourly RSI: ETH/USD is below 50.
Major Support: $3,550
Major Resistance: $3,750
