✴️ Ethereum - Technical Analysis

The downtrend in the Ethereum market continued until the $ 4,100 support level collapsed and even penetrated the $ 4,000 psychological level. He is currently in a bullish correction, and to start the bullish move, he must first cross the $ 4,175 hurdle.
ETH was bullish as it approached the $ 4,200 resistance level. So the bearish correction started, and the price returned to the $ 4,000 range and the 100-hour moving average.
Then, with a jump below the $ 4,000 psychological support, the $ 3,964 price floor was touched and fluctuated. The Ethereum then returned to above the moving average.
So far, Ethereum has managed to return to the $ 4,100 range and is currently resisting the $ 4,175 and $ 4,200 resistance. At the moment, Ethereum is trying to strengthen its foothold. The nearest downstream support level is estimated at around $ 4,100. The level overlaps with the 23.6% Fibonacci retracement level moving up from the $ 3,964 floor to the $ 4,155 ceiling.
The ETH / USD hourly chart also shows an extensive uptrend line with the support of around $ 4,000. The closest resistance is seen upstream around $ 4,175. We consider the key resistance to be slightly higher in the $ 4,200 range; Passing through it, we expect the beginning of an upward movement. In this case, there is a possibility of climbing up to $ 4,250; It will probably go up to $ 4,320 in the future.
But if Ethereum is unable to cross the key resistance, a new bearish correction is likely to begin. In this case, the nearest downstream support level is around $ 4,080.
Key support is also considered slightly lower in the $ 4,050 range; The Fibonacci level of 50% has doubled its importance by being close to this range. Below, the $ 4,000 psychological limit is the main support, and its collapse will lead to the failure of Ethereum.