Ethereum Price Pulls Back from Resistance: Will the Bulls Stage a Comeback?

Ethereum (ETH) has encountered resistance at $3,885, leading to a pullback in its price. Currently trading below $3,800, ETH may continue its slide towards the $3,720 mark. The downside correction was triggered by ETH’s inability to surpass the $3,880 resistance level. Additionally, the price is below the 100-hourly Simple Moving Average and has broken a bullish trend line near $3,830. However, as the bulls are active near the 61.8% Fib retracement level, a fresh upward move could be expected unless there is a close below the $3,720 support. If ETH manages to break above $3,840, it might face resistance at $3,810 and $3,920. Further gains could propel the price towards $4,000 and potentially test the $4,080 resistance. On the downside, initial support lies at $3,765, followed by a major support zone at $3,720. A breach of this level may drive the price towards $3,650 and potentially as low as $3,550. Technical indicators suggest bearish momentum, with the hourly MACD gaining strength in the bearish zone and the RSI dropping below 50.