Ethereum is currently facing resistance above the $4,000 threshold, struggling to maintain momentum in this zone. The cryptocurrency has experienced a decline and is now trying to hold above the $3,820 support level.
Technical indicators suggest a bearish sentiment, with Ethereum trading below the 100-hourly Simple Moving Average and encountering resistance near the $3,900 level. If Ethereum manages to break through the $4,000 resistance, it could rally towards the $4,120 or even the $4,320 resistance zones. However, if it fails to overcome the $3,900 resistance, Ethereum could face further losses, potentially testing the $3,550 support level.
The hourly MACD is in the bearish zone, and the RSI for ETH/USD is below 50, reinforcing the bearish trend. The focus will be on whether Ethereum can reclaim its footing above $4,000 or succumb to further downward pressure.