In terms of the US Dollar, Ethereum is creating a base near $3,660. The price of ETH is correcting upwards, but an increase of over $3,920 is required for the uptrend to continue.

Ethereum has continued to fall, dropping below the $3,800 mark. ETH developed a base at $3,660 and $3,700, and has recently begun an upward correction that saw the price rising above the $3,800 mark. The price broke through the 23.6 percent Fib retracement level of the latest collapse, from the upswing to $4,175, to the downswing to $3,665. Furthermore, on the ETH/USD hourly chart, there is a break beyond a connecting negative trend line, with resistance above $3,800.

The bulls’ next target might be $4,000, and closing above $4,000 might fuel a robust rally in coming sessions. In the above situation, it could potentially reach $4,250.

If ETH/USD fails to start a fresh uptrend over $3,920, it may begin a new downtrend. To the downside, there is an early support level near $3,820.

The main support level is presently emerging near $3,720. If there is a definite break below the $3,720 support, the price could continue to fall. The next significant support level is $3,660, below which the bears are likely to target $3,500. Any further losses might push the price down to $3,320.