#ETH The price remains in a short-term bearish zone and broke below the $3,800 support area like Bitcoin. ETH even broke below the 50% Fibonacci retracement level of the upward move from the $3,631 swing low to $3,975 high.
However, the bulls are active near the $3,720 support area. They have protected the 76.4% Fibonacci retracement level of the upward move from the $3,631 swing low to $3,975 high.
Ethereum price is currently trading below $3,800 and the 100 hourly simple moving average. If there is a fresh increase, ETH is likely to face resistance near $3,800.
There is also a new bearish trend line forming with resistance at $3,810 on the hourly chart of ETH/USD.
The first major resistance is near $3,850. A break above the $3,850 resistance level could push prices higher. The next key resistance level is at $3,890, and after breaking through this resistance level, the price could rise to $3,950.
If bulls push Ethereum above $3,950, the price could rise and test the $4,000 resistance level.
If it rises further, Ethereum could fall to the $4,080 resistance level.
While Ethereum is rising above resistance, a new round of altcoins is about to break out.
And Dafu is paying attention to some high-quality coins that are about to break out recently, with an expected short-term increase of 30% and a long-term increase of 5-8 times.
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