If ethereum fails to start a fresh increase above the $3,920 level, it could start a fresh decline. An initial support on the downside is near the $3,820 level.

The key support is now forming near the $3,720 level. If there is a clear break below the $3,720 support, the price could extend losses. The next major support is $3,660, below which the bears are likely to aim a test of $3,500. Any more losses might lead the price towards the $3,320 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bullish zone.

Hourly RSI – The RSI for ETH/USD is above the 50 level.

Major Support Level – $3,720

Major Resistance Level – $3,920