For Ethereum, as well as for the entire cryptocurrency market, this weekend has turned out to be difficult. Within two days, the price of Ethereum dropped by almost 25% and reached a low of $3470. However, by the end of Saturday, the bulls managed to recover some of the losses and raise the price of Ethereum above $4000.
At the time of publication, Ethereum’s price has dropped below $4000 again. The ETH/USD pair is trading around $4000. The pair dropped well below the 100-hour moving average. Also, a triangle is forming on the hourly chart, which limits the movement of the Ethereum price in the areas of 3900 and 4150. These levels are the closest support and resistance levels, respectively. For the bulls, the main goal is to bring the price of Ethereum back above the level of 4000. This level is an important resistance level for the ETH/USD pair. If successful, the ETH/USD pair will face the next resistance level of 4250.
If we see the inability of the bulls to push the price above $4000, it will intensify the sell-off and put pressure on the Ethereum price. In this case, the level of 3900 will be the closest support level. The next major support is at 3820, below which the price could drop to 3650.