ETH falls below $ 4,000, can bulls defend the important level?
ETH falls below $ 4,000, can bulls defend the important level?
Important support level: $ 3,969, $ 3,500
key resistance level: $ 4.380
The failure of Ethereum (Eth) to break through the all -time high this morning quickly changed the market mood and the bears took over full control for a short time.
In the early hours of the morning, Ethereum tried to break the all -time high, but it was stopped at $ 4,332 - only $ 50 below. When the bulls realized that they could not drive the price up, the action was in the hands of the bears, which did not hesitate and pressed it towards $ 4,000.
This led to a collapse of the formation in blue and a wide market correction, in which most old coins crashed in the double -digit range. ETH only fell by 9% and found support over the $ 4,000 mark at the time of this contribution. This shows that buyers have the upper hand at this price level.
Technical price indicators of ETH
trade volume: Significant volume in the breakdown, which indicates that some Leverage Long positions have been liquidated in the process. If this continues, ETH could break the support at $ 3,969.
rsi : The RSI falls quickly. However, it is not yet in the oversold area in the 4-hour time frame. This shows that Bullen have another chance to defend local support and prevent further losses.
macd : The histogram and the sliding average are bearish on the 4-hour time frame and on the daily path you approach a bearish cross. Bears have to press the ETH below $ 4,000 and keep the price there if they hope to take control and to drive them towards the next important support for $ 3,500.
bias
In view of the current price development, the short -term tendency is neutral with some signs of downward movement. It is too early to become bear, since the ETH has managed to keep its price over $ 4,000 despite this strong decline. This shows that the bulls have not completely disappeared and the interest in ETH is still high under $ 4,000.short -term price forecast for ETH
ETH can continue to move between the all-time high and the support at around $ 4,000. This range must be broken before further volatility can return to drive ETH in both directions. The indicators show weakness and favor the bears, but bulls have entered into force below $ 4,000. Therefore, it is too early to explain a winner who can bring ETH to the next level of support or resistance.
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