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Ethereum price rejected from $3,600, forcing bulls to seek refuge above $3,500 or risk declines to $3,400.
Short-term technical indicators gradually flip bearish, implying that the path with the least resistance is downward.
Ethereum rally to $3,600 has not been without struggle and delays. Bulls have been putting up an aggressive fight since the gigantic smart contracts token tumbled under $3,000 in September and tested support at $2,650.
For several times, Ethereum failed to clear the resistance at $3,200, resulting in pullbacks below $3,000. Nonetheless, bulls took complete control of the market in October and subsequently triggered gains that have recently brushed shoulders with $3,600.
The uptrend to $4,000 is still a pipedream, especially with Ethereum facing intense selling pressure in the supply area around $3,600. If Ether fails to close the day above this zone, investors can expect a rundown to $3,400 or $3,200 in the coming sessions and on the weekend, where ETH will become more attractive to the bulls.
Ethereum Fights To Keep Uptrend To $4,000 Intact But Is Immediate Recovery Viable?
Ethereum has been rejected from the supply zone in the red, delaying the move to $4,000. The pioneer smart contracts token trades at $3,565 at writing amidst an intense tug of war between bulls and bears.
A daily close below $3,600 could see overhead pressure rise, while a break under the ascending trend line support will add weight to the potential breakdown targeting $3,400 and $3,200, respectively.
It is worth remembering that the Moving Average Convergence Divergence (MACD) could soon send a sell signal, compelling more traders to dispose of Ether. As long as the MACD keeps dropping toward the mean line, the pulldown on Ethereum will carry on.
ETH/USD Daily Chart
At the same time, the Relative Strength Index (RSI) shows that sellers are gradually gaining strength. The odds favor the bears as the MACD nears the midline, while a continued drop to the oversold could trigger a selloff.
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