Ethereum Forecast: Lack Of Conviction Keeps ETH Trapped Below $4K

Ethereum's price has begun a downside correction, falling below the $4,120 and $4,050 levels. It is now trading below $4,000, a level that has formed a bearish trend line resistance. The cryptocurrency is also below its 100-hourly Simple Moving Average, indicating bearish sentiment. A significant support level is identified at $3,880, and a break below this could lead to further declines. The price has already moved below the 61.8% Fibonacci retracement level of its recent upward move. If Ethereum fails to overcome the $4,000 resistance, further losses are anticipated. Key support levels to watch are $3,840 and potentially $3,750. Conversely, clearing the $4,000 resistance, followed by $4,080 and $4,120, could signal a move back towards higher levels like $4,200. The hourly MACD is showing increased momentum in the bearish zone, and the RSI is below the 50 level.