Ethereum price is struggling above the $4,000 zone. ETH is slowly moving lower and there is a risk of a downside thrust toward the $3,850 support.
Ethereum traded to a new multi-month high above $4,080 before correcting lower.
The price is trading below $4,000 and the 100-hourly Simple Moving Average.
There is a connecting bullish trend line forming with support at $3,965 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could resume its increase if it clears the $4,025 resistance zone.
Ethereum Price Holds Support
Ethereum price extended its increase above the $4,050 level, like Bitcoin. ETH traded to a new multi-month high above $4,080 before there was a downside correction.
The price declined below the $4,000 level. It seems like Ether bulls are struggling to keep the price above $4,000. There was a move below the 23.6% Fib retracement level of the upward move from the $3,830 swing low to the $4,083 high.
Ethereum price is now trading below $3,980 and the
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