ETH – Risk of Deeper Decline

Ethereum looks bearish on the 1-day timeframe and prime for a move below trendline. ETH is testing the resistance level at fib 0.236 at $4345 and trying hard to keep up with the support level of $4000. We don’t see Ethereum regaining strength in the short term before a drop to near term support at $3937. If that fails to hold, Ethereum might drop to the key support level (shaded area) near fib 0.5.