Ethereum Won’t Go Down Quietly_ Risk of Bounce Grows
Ethereum is forming a base near the $3,660 zone against the US Dollar. ETH price is correcting higher, but a move above $3,920 is needed for upside continuation.
Ethereum is forming a base near the $3,660 and $3,700 support levels.
The price is still trading below $4,000 and the 100 hourly simple moving average.
There was a break above a connecting bearish trend line with resistance near $3,800 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh increase if it clears the $3,920 resistance zone and the 100 hourly SMA.
Ethereum extended decline below the $3,800 level. ETH formed a base near the $3,660 and $3,700 levels, and recently started an upside correction.
There was a move above the $3,800 level. The price cleared the 23.6% Fib retracement level of the recent drop from the $4,175 swing high to $3,665 low. Besides, there was a break above a connecting bearish trend line with resistance near $3,800 on the hourly chart of ETH/USD.
Ether price is now facing resistance near the $3,880 zone. The next major resistance is near the $3,920 level. It is close to the 50% Fib retracement level of the recent drop from the $4,175 swing high to $3,665 low. A clear move above the $3,920 level could stage a steady upward move.
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