Ethereum (ETH) Price Analysis: Market Turns Bearish After Rejection at $3,600 Resistance Zone

The price of Ethereum (ETH) fell below the moving average lines on July 25. The largest altcoin reached the $3,600 resistance zone and was decisively rejected.

The price of Ethereum (ETH) dropped below the moving average lines on July 25. The largest altcoin reached the $3,600 resistance zone and was decisively rejected. Now, ETH is trading in a narrow range.

After the breakout on July 15 and 19, buyers tried to hold the price above the $3,600 high but failed. On July 25, Ether fell to a low of $3,093 and the bulls bought the dips. For the past four days, the altcoin has been trading above the $3,000 support level but below the 21-day SMA resistance.

Today, the currency is falling after hitting the 21-day SMA resistance. Selling pressure has started after the rejection of the 21-day SMA. Should the bears break the $3,000 support, the market would fall to its previous low of $2,850. At the time of writing, the altcoin is valued at $3,240.

After the price drop on July 25, as reported by Coinidol.com, Ether bears returned to the negative trend zone. The decline was confirmed when the price of the cryptocurrency retested the 21-day SMA resistance. On both charts, the moving average lines show a bearish crossover, indicating a current downtrend.

Major Resistance Levels – $4,000 and $4,500

Major Support Levels – $3.500 and $3,000

On the 4-hour chart, Ethereum is bearish and trading in a narrow range of $3,065 to $3,300. During the upward correction, the bulls were beaten back from the 21-day SMA or resistance at $3,300. The altcoin has paused in its price range caused by the formation of doji candles. The doji candles are keeping the altcoin stable above the $3,200 support.

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