If ethereum fails to start a fresh increase above the $4,100 level, it could extend its downside correction. An initial support on the downside is near the $4,000 level. The key support is now forming near the $3,960 level.
The 61.8% Fib retracement level of the recovery wave from the $3,833 swing low to $4,176 swing high is also near the $3,960 support zone. If there is a clear break below the $3,960 support, the price could extend losses. The next major breakdown support is $3,850, below which the price could decline towards $3,600.
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