TA: Ethereum Plunges, What Could Push ETH Below $4K

Ethereum failed to stay above the $4,250 support against the US Dollar. ETH could extend losses below $4,000 if it fails to recover above the $4,250 resistance. Ethereum started a fresh decline from well above the $4,350 and $4,300 levels. The price is now trading below $4,250 and the 100 hourly simple moving average. There is a short-term declining channel forming with resistance near $4,250 on the hourly chart of ETH/USD (data feed via Kraken). The pair could accelerate lower if there is a clear break below the $4,000 support zone. Ethereum Price Eyes More Downsides Ethereum failed to stay above the $4,350 support level and extended decline, similar to bitcoin. ETH price declined sharply below the $4,300 and $4,250 support levels. There was also a break below the $4,120 support. It is now trading below $4,250 and the 100 hourly simple moving average. A low is formed near $4,067 and ether is now consolidating losses. An initial resistance on the upside is near the $4,180 level. The first major resistance is near the $4,250 level. There is also a short-term declining channel forming with resistance near $4,250 on the hourly chart of ETH/USD. The channel is close to the 23.6% Fib retracement level of the recent decline from the $4,269 high to $4,067 low. The next major resistance is near the $4,350 level. The main breakout zone could be $4,420. It is near the 50% Fib retracement level of the recent decline from the $4,269 high ...