Ethereum Price Analysis: ETH bulls have no options, risk up to $ 4000 break

Ethereum price stalled after meeting 61.8% Fibonacci level.
The overprint is starting to rise amid a correction approaching $ 3,000.
The MACD has bright downward momentum after the sell-off signal.

Ethereum is trading just over $ 3,300 on Tuesday during the Asian session. On Monday, price movement was mostly boring, with the Bulls unable to overcome the resistance of $ 3,400 and move to $ 4,000.

Surprisingly, it is of interest that bitcoin receives some significant justification for trading above $ 50,000. However, a correction is also emerging, with BTC trading slightly below the same significant level.

Ethereum’s Price On Verge Of Falling To $ 3,000
After a recovery above $ 3300, resistance against $ 3600 and $ 4000 emerged. However Tuesday’s levels are still on the horizon due to a large barrier of 61.8% from the recent swing of $ 4400 to Tuesday’s swing of $ 1721.

If that crowd remains intact, it will be very difficult for the Bulls to advance to $ 3600 and $ 4000 respectively. Moreover, the Moving Average Convergence Divergence (MACD) has a large decline estimate.

This technical index tracks the trend of the asset and calculates its momentum. A retreat to the midline means sellers are gaining more momentum. The decline date was highlighted by the recent sell-off signal presented when the 12-day exponential moving average (EMA) fell below the 26-day EMA.

Daily ETH / USD chart

ETH / USD price chart from TradingView
Meanwhile, support is expected at $ 3200, which will improve bull market positions and thus decelerate the Ethereum bullish trend. Understand that the Relative Strength Index (RSI) is slowly moving into overbought territory, implying that the upward trend is getting harder.

A one-day close above the Daily 61.8% Fibonacci level will restore the strength of the Bulls against the Bears as they work on a task to overcome obstacles of$ 3400, $ 3600 and $ 4000. Realizing that 50 Simple Moving Averages (SMA) surpassed more than 100 SMAs in the same time frame, va

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