Ethereum Turns Lower — Market Sentiment Softens As $4K Level Gives Way

Ethereum's price has begun a downward correction from a high of $4,252. It has fallen below the $4,000 mark, indicating further decline is possible. The cryptocurrency has dropped below key support levels including $4,150 and $4,050. Furthermore, ETH is now trading below its 100-hourly Simple Moving Average. A bullish trend line on the hourly chart, which previously provided support at $4,100, has also been broken. If Ethereum's price falls below the $3,920 level, it is likely to experience a further drop. Initial support is located around the $3,950 zone. The 61.8% Fib retracement level also aligns with the $3,920 support. A break below this $3,920 support could lead to a strong decline towards $3,880. Conversely, if ETH can overcome resistance at $4,080 and then $4,120, it may aim for $4,200 and beyond.