Ethereum Plunges to $4K!
Ethereum is struggling to gain pace above the $4,050 zone against the US Dollar. ETH price is recovering, but the bulls could face resistance near $4,175.
Ethereum extended decline below the $4,050 and $4,000 support levels.
The price is now trading below $4,100 and the 100 hourly simple moving average.
There was a break below a connecting bullish trend line with support near $4,080 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh increase if it clears the $4,100 resistance zone and the 100 hourly SMA.
Ethereum struggled to gain pace above the $4,175 and $4,200 levels. ETH started a fresh decline and traded below the $4,100 support zone.
There was a close below $4,100 and the 100 hourly simple moving average. Besides, there was a break below a key bullish trend line with support near $4,080 on the hourly chart of ETH/USD. The pair traded below the 50% Fib retracement level of the recovery wave from the $3,833 swing low to $4,176 swing high.
It is now showing a few bearish signs below the $4,100 level. An initial resistance on the upside is near the $4,050 level. The first major resistance is near the $4,100 level and the 100 hourly SMA.