TA: Ethereum Breaks Key Support, Why Bulls Could Still Step In

Ethereum extended decline below the $3.850 support zone against the US Dollar. ETH price is consolidating and trading above the $3,700 support zone. Ethereum extended decline below the $3,850 and $3,800 support levels. The price is now trading below $4,000 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $3,800 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh increase if it clears the $3,850 resistance zone and the 100 hourly SMA. Ethereum Price Tumbles Ethereum struggled to gain pace above the $4,000 and $4,050 levels. ETH started a fresh decline and traded below the $3,850 support zone. There was a close below $4,000 and the 100 hourly simple moving average. The price even declined below the $3,700 support and traded as low as $3,665. It is now consolidating losses above the $3,700 level. An initial resistance is near the $3,800 level. It is near the 23.6% Fib retracement level of the recent decline from the $4,176 swing high to $3,665 low. There is also a key bearish trend line forming with resistance near $3,800 on the hourly chart of ETH/USD. The next major resistance is near the $3,920 level. It is close to the 50% Fib retracement level of the recent decline from the $4,176 swing high to $3,665 low. A close above the $3,920 level could stage a steady increase in the near term. In the stated case, the price might even surpass the $4...