TA: Ethereum Turns Red, Why ETH’s Recovery Could Be Limited

Ethereum is following a bearish path below $4,100 against the US Dollar. ETH could recover, but upsides might be capped near $4,050 and $4,110. Ethereum extended its decline below the $4,100 and $4,000 support levels. The price is now trading below $4,100 and the 100 hourly simple moving average. There was a break below a crucial ascending channel with support near $4,150 on the hourly chart of ETH/USD (data feed via Kraken). The pair could extend its decline if there is a break below $3,900 in the near term. Ethereum Price Could Extend Losses Ethereum failed to stay above the $4,120 and $4,100 support levels. ETH extended its decline below $4,000 and moved into a bearish zone, like bitcoin. There was also a close below the $4,000 level and the 100 hourly simple moving average. Besides, there was a break below a crucial ascending channel with support near $4,150 on the hourly chart of ETH/USD. The price spiked below the $3,920 level and traded as low as $3,889. Ether price is now consolidating losses above the $3,900 level. The price is trading above the 23.6% Fib retracement level of the downward move from the $4,313 swing high to $3,889 low. An immediate resistance on the upside is near the $4,010 level and a declining channel on the same chart. Source: ETHUSD on TradingView.com The next major resistance is near the $4,100 level. It is near the 50% Fib retracement level of the downward move from the $4,313 swing high to $3,8...