Ethereum price extended its downside correction below the $3,800 support. ETH is now approaching the $3,720 support and might aim for a fresh increase.

Ethereum price started a downside correction below the $3,880 support zone, like Bitcoin. ETH dipped below the $3,850 and $3,800 support levels to move into a short-term bearish zone.

There was also a clear move below the 50% Fib retracement level of the upward wave from the $3,630 swing low to the $3,974 high. Finally, the price dipped below the $3,780 level. The bears are now aiming for a move toward the $3,720 support.

Ethereum price is now trading above $3,800 and the 100-hourly Simple Moving Average. If there is a fresh increase, ETH might face resistance near the $3,800 level. There is also a key bearish trend line forming with resistance at $3,800 on the hourly chart of ETH/USD.

The first major resistance is near the $3,840 level. An upside break above the $3,840 resistance might send the price higher. The next key resistance sits at $3,900, above which the price might gain traction and rise toward the $3,940 level. If there is a clear move above the $3,940 level, the price might rise and test the $4,000 resistance. Any more gains could send Ether toward the $4,080 resistance zone.

If Ethereum fails to clear the $3,800 resistance, it could continue to move down. Initial support on the downside is near the $3,720 level or the 76.4% Fib retracement level of the upward wave from the $3,630 swing low to the $3,974 high.

The next major support is near the $3,625 zone. A clear move below the $3,625 support might push the price toward $3,550. Any more losses might send the price toward the $3,500 level in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $3,720

Major Resistance Level – $3,800

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