Experts predict Ethereum’s fall to $ 3,440

Ethereum ETH $3,714.16 Bridged Ether (StarkGate) -3.39% Market capitalization $85.16 million VOL. 24 hours $2.17 billion is under pressure again after failing to break through the $ 3,920 level. The price of the cryptocurrency dropped below $ 3,850 and $ 3,800, indicating a return of bearish sentiment in the market. ETH is currently trading below its 100-hour simple moving average, and analysts warn that if it falls below $ 3,680, the decline could accelerate.

The Kraken chart of ETH/USD shows a breakout of the rising channel with a support level of $ 3,840. The current dynamics indicate the weakness of buyers — the price has fallen below the 61.8% Fibonacci retracement level of the previous rise from $ 3,678 to $ 3,916. If the asset fails to return above $ 3,800, the market will remain under the control of sellers.

The nearest resistance for ETH is the $ 3,840 zone, followed by $ 3,860, where the 100-hour moving average is located. To resume the uptrend, the coin needs to gain a foothold above $ 3,920, which could open the way to the psychological mark of $ 4,000. In case of a breakout of this level, Ethereum has the potential to grow to $ 4,120-$ 4,200.

However, if there is no recovery, further decline is possible. The nearest support is located at $ 3,680, then $ 3,650. A breakout of these boundaries could lead to a drop to $ 3,550, and in the event of a deeper correction, to $ 3,500. Additional supports are $ 3,450 and $ 3,440.

Technical indicators also favor a short-term decline: The MACD is in a bearish zone, and the RSI has dropped below 50. This means that buyers are currently losing the initiative, and Ethereum may continue to decline unless a new buying impulse appears.