ETH Rejects $4000

After breaking above $4000 intraday, Ethereum rejected this key resistance level and turned lower. Ethereum broke the higher highs pattern on Friday last week and moved to the $3800 price mark, just as predicted. This has pushed Ethereum to a crucial support level which must be kept for the uptrend to remain intact. The rising trend line of higher highs is being respected by Ethereum since July 20. EMA 100 is acting as local support here. There is combined support of EMA 100, fib 0.5, and the trend line $3700 so I consider it strong and extremely important levels for the bulls. Otherwise, the first stop for Ethereum might be at fib 0.65 support as marked in the chart above. There is no considerable local resistance for Ethereum except EMA 20 and 50 combined.