Ethereum Faces an Uphill Battle: Can It Overcome the Challenges?

Ethereum price extended its decline and tested the $3,720 support. ETH is now consolidating and facing many hurdles near the $3,800 level. Ethereum extended its decline and tested the $3,720 zone. The price is trading below $3,820 and the 100-hourly Simple Moving Average. There is a new bearish trend line forming with resistance at $3,810 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move down if it breaks the $3,720 support. Ethereum Price Holds Support Ethereum price remained in a short-term bearish zone and declined below the $3,800 support zone, like Bitcoin. ETH even traded below the 50% Fib retracement level of the upward move from the $3,631 swing low to the $3,975 high. However, the bulls were active near the $3,720 support zone. They protected the 76.4% Fib retracement level of the upward move from the $3,631 swing low to the $3,975 high. Ethereum price is now trading below $3,800 and the 100-hourly Simple Moving Average. If there is a fresh increase, ETH might face resistance near the $3,800 level. 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 the $3,850 level. An upside break above the $3,850 resistance might send the price higher. The next key resistance sits at $3,890, above which the price might gain traction and rise toward the $3,950 level. If the bulls push Ether above the $3,950 level, the price might rise and test the $4,000 resistance. Any more gains could send Ether toward the $4,080 resistance zone. More Losses In ETH? If Ethereum fails to clear the $3,800 resistance, it could continue to move down. Initial support on the downside is near the $3,720 level. The next major support is near the $3,640 zone. A clear move below the $3,640 support might push the price toward $3,550. Any more losses might send the price toward the $3,500 level in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major Support Level – $3,720 Major Resistance Level – $3,800