$ETH Downtrend Gains Momentum — Is $4,000 the Next Stop? 🔻
Ethereum has extended its decline below $4,350, and technical signals suggest further downside risk toward $4,020 in the near term.
Key Highlights:
• ETH slipped under $4,350 and $4,220, remaining below the 100-hour SMA.
• A bearish trend line is forming with resistance at $4,350 (hourly ETH/USD chart).
• A drop below $4,120 could accelerate losses.
Ethereum Price Action
Much like Bitcoin, Ethereum broke key supports after failing to sustain momentum above $4,550. Bears drove the price under $4,250, testing a low near $4,065.
ETH is now consolidating below the 23.6% Fib retracement of the recent decline from the $4,580 swing high to $4,065 low. Resistance lies near $4,185, followed by a stronger barrier at $4,320 (50% Fib level).
The first significant obstacle sits at $4,350, aligned with the descending trend line. A breakout above this level could spark recovery toward $4,385, and potentially $4,500–$4,550 if momentum builds.
Downside Scenarios
Failure to clear $4,320–$4,350 could invite more selling pressure.
• Initial support: $4,065
• Key support: $4,020
• A decisive break below $4,020 opens the door to $4,000, with further losses targeting $3,850 and even $3,620.
Technical Indicators
• MACD (Hourly ETH/USD): Bearish momentum is strengthening.
• RSI (Hourly): Below 50, favoring sellers.
📉 Major Support: $4,020
📈 Major Resistance: $4,350
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