Ethereum is open access to digital money and data-friendly services for everyone – no matter your background or location. It’s a community-built technology behind the cryptocurrency ether (ETH) and thousands of applications you can use today.
Ethereum is currently trading at $4098.15 levels, down by 9.43%. Ethereum started off the day $4512.27 levels. The coin was seen making low highs and low lows in the early days. The coin’s intraday high stands at $4551.88 levels. It tested the first resistance at $4509.06 levels and has taken a dip since.
Looking at the daily chart, the coin fell to an intraday low of $3914.13 levels. The early intraday low was seen at $4000.84 levels. On the daily chart, Ethereum broke through the 23.6% FIB resistance level. Coming up against the 4058.03 resistance level, it fell to a late low of $4000.84 levels.
On a daily chart the strong sell region extends between $4431.66 and $4516.99 levels. Contrarily, the strong buy region was between $4020.80 and $4135.73 levels.
On an hourly chart the coin is seen consolidating in a bearish flag pattern and is likely to break on the downside at $4126.85 levels. Looking at the current momentum Ethereum is likely to make a bearish reverse. However, coming back to $4500 price levels would need support from broader market
Hourly RSI: The hourly RSI is moving below 40 levels, showing major price weakness, owing to investors fear of price indecisiveness. The low RSI depicts coin’s oversold region.
Fibonacci Retracement levels: 23.6%: $4050.26, 38.2%: $4144.56, 61.6%: $4297.00
Major support level: $3911.86
Major resistance level: $4220.78
On the upside prices may move towards $4200 levels. The first major resistance sits at $4220.78 levels. In event of an extended rally upwards, the second major resistance sits at $4272.94 levels. Barring an extended crypto rally, the first major resistance is likely to cap the upside. On the downside a fall below $3960 levels, will bring the first major support level $3897.82 level in play.