Ethereum's price has corrected downwards from the $4,080 resistance zone, showing bearish signs by trading below $4,000. The price started its decline after reaching a high of $4,093 and broke a bullish trend line at $3,965. However, it remains above $3,920 and the 100-hourly Simple Moving Average.
The price faces hurdles near the $3,960 resistance, with major resistance at $4,000. If Ethereum clears this level, it could reach $4,080 and even higher towards $4,150 or $4,220. If it fails to clear the $4,000 resistance, initial support lies at $3,920, with potential declines towards $3,770 or $3,650 if additional support levels are breached.
Technical indicators show the MACD losing bullish momentum while the RSI is below 50, indicating possible further bearish movement. The major support level is $3,920, while the major resistance lies at $3,980.
