Ethereum (ETH) Turns South Following Saturday’s Faltered Rebound

  • ETH price seems ready to hit sub-$3,900 after a weakened bounce on Saturday.
  • The 4Hr chart’s symmetrical triangle footing at $3,872 seems at risk.
  • Multiple critical resistance zones keep ETH’s downward more compelling.

The 2nd-largest digital coin, Ethereum, trades on a slippery road this Sunday, reversing some of Saturday’s lucrative rebound from 1-week lows at $3,835. With that, Ethereum lost more than 1% within a day, hovering near mid-$4,000. Moreover, the altcoin lacks bullish impetus due to the plunging attitude displayed across the market.

Ethereum bears seem dedicated to extending the latest downtrend from 6-day peaks of $4,490, touched last Thursday. The anticipated down move might receive support from the thin market situations.

ETH’s Road with Fewer Obstacle Remains the Downward One

According to the 4Hr chart, Ethereum’s price fades the yesterday’s rebound after encountering a massive resistance at bearish 21 SMA at $4,117. If bulls conquer the latter, investors might see a revived rebound. Such developments will see the leading altcoin testing $4,169, the slightly bearish 50 Simple Moving Average.

The next possible upward target will emerge at 100-Simple Moving Average near $4,273. Beyond the level, Ethereum bulls will battle the horizontal 200-day Moving Average at $4,350.

However, the RSI remains beneath the midline, indicating a persistent bearish bias. That way, Ethereum sellers might prepare to retest the climbing trend-line support at $3,872. A significant break beneath the latter will confirm a downward move from the week-long triangle. With that, Ether bears will launch another downtrend towards 4 December lows at $3,575.

ETH price seems ready to retest the sub-$3,900 levels. That comes after a weak bounce during Saturday sessions. The altcoin’s upsurges have multiple obstacles. Thus Ethereum will have a smooth sail towards the downside.

Though Ethereum recorded recovery moves after the recent flash crash in the crypto space, it lacks momentum to trigger upward actions. Furthermore, the overall crypto spectrum depicts a downbeat, confirming weak prices in the coming sessions.  ETH requires the needed catalyst to support steady surges. While publishing this article, ETH hovers at $4,038.

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