TA: Ethereum Won’t Go Down Quietly: Risk of Bounce Grows

Ethereum is forming a base near the $3,660 zone against the US Dollar. ETH price is correcting higher, but a move above $3,920 is needed for upside continuation. Ethereum is forming a base near the $3,660 and $3,700 support levels. The price is still trading below $4,000 and the 100 hourly simple moving average. There was a break above a connecting bearish trend line with resistance near $3,800 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh increase if it clears the $3,920 resistance zone and the 100 hourly SMA. Ethereum Price Forms Base Ethereum extended decline below the $3,800 level. ETH formed a base near the $3,660 and $3,700 levels, and recently started an upside correction. There was a move above the $3,800 level. The price cleared the 23.6% Fib retracement level of the recent drop from the $4,175 swing high to $3,665 low. Besides, there was a break above a connecting bearish trend line with resistance near $3,800 on the hourly chart of ETH/USD. Ether price is now facing resistance near the $3,880 zone. The next major resistance is near the $3,920 level. It is close to the 50% Fib retracement level of the recent drop from the $4,175 swing high to $3,665 low. A clear move above the $3,920 level could stage a steady upward move. Source: ETHUSD on TradingView.com The next stop for the bulls could be $4,000. A close above the $4,000 level may possibly spark a strong rally in the coming s...