Ethereum price has corrected its gains below the $3,880 zone. Despite efforts to recover some losses, it's facing significant resistance near $3,800. An important bearish trend line is forming, suggesting hurdles for bulls.
The price has dipped below $4,000, leading to a further decline. After hitting a low of $3,488, it has now climbed past $3,620 and faces key resistance levels. A failure to break $3,780 resistance might result in more downward movements.
If the price manages to break above $3,880, this can open gateways for further gains towards the $4,000 and possibly up to $4,120. Conversely, any failure to clear resistance levels can prompt further losses, potentially driving the price down towards $3,350 or even $3,250.
Technical indicators currently show the hourly MACD losing bullish momentum, and the RSI sinking below the 50 zone, hinting at potential downward pressure.
