Ethereum struggles above $3,715 – A quick technical outlook

The price has finally corrected higher, after forming a low near $3,680. There was a break above the $3,720 barrier. The price has even surpassed the 50% Fib retracement level of the decline, from the $3,850 upward swing to the low of $3,681. The bears appear aggressive near the $3,750 level, and the 100 hourly simple moving average. The next major stumbling block is located near $3,785, close to the 61.8 percent Fib retracement level of the decline, from the upswing to $3,850, down to $3,681.

A decisive break above $3,785 might propel the market towards $3,850, and further gains might push the price up to the $4,000 mark. The next significant resistance is near $4,200.

If Ethereum does not begin a new upward trend over $3,750, it may continue to fall. To the downside, there is an initial support level near $3,700.

The first significant support is already emerging around $3,680. To the downside, a breach below $3,680 might trigger a substantial drop in the near term. The next big support is around $3,620.