Ethereum Dip: Will the Slide End or Is ETH on a Rollercoaster? 🎢

Key Highlights 🌟

🔹 Ethereum price plunges below $3,880 and the 100-hourly Simple Moving Average, sparking concerns among investors
🔹 A bearish trend line emerges with resistance at $3,800 on the hourly chart of ETH/USD
🔹 The crypto pair may continue downward if the $3,720 support level is breached

Ethereum Price Dips Further 📉

As with Bitcoin, Ethereum witnessed a downward correction below the critical $3,880 support level. The price slumped below $3,850 and $3,800, entering a short-term bearish territory.

A significant move was seen below the 50% Fibonacci retracement level of the recent upward surge from $3,630 to $3,974. Further, ETH dipped beneath $3,780, with bearish pressure mounting towards the $3,720 support region.

Currently, Ethereum is trading under $3,800 and the 100-hourly Simple Moving Average. Any potential climb may face resistance near $3,800, while a bearish trend line with a barrier at $3,800 on the hourly ETH/USD chart remains a key obstacle.

The primary resistance is positioned near $3,840, and a breakthrough above this level could bolster the price. Subsequently, the next hurdle lies at $3,900, beyond which an uptrend may push Ether towards $3,940. Surpassing $3,940 could pave the way for a test of the formidable $4,000 barrier, potentially guiding ETH towards $4,080.

More Losses In ETH? 📉

Should Ethereum fail to surpass the $3,800 barrier, a continuation of downward momentum can be expected. Initial support is predicted near $3,720 or the 76.4% Fibonacci retracement level calculated from the recent low of $3,630 to the high of $3,974.

Subsequently, a key support zone is identified around $3,625. Breaching this level might propel the price towards $3,550, leading to further decline towards $3,500 in the short term.