Ethereum price failed to extend its gains beyond $4,600 and fell. ETH is currently falling, and losses could widen to below $4,400 in the short term.
- Ethereum started a downward correction below $4,600 and $4,550.
- The price is trading below the 100-hour simple moving average at $4,550.
- The hourly chart of ETH/USD (data feed via Kraken) shows a short-term upward channel forming with support at $4,460.
- If it trades below $4,400, the decline could continue.
Ethereum price falls again
Ethereum price rose above $4,620 and $4,650, similar to Bitcoin. ETH price tested the $4,750 resistance zone before a new drop occurred. A low was formed at $4,414 and the price is currently consolidating losses.
There was a small recovery wave above $4,500. Price has risen above the 23.6% Fib retracement level of the recent decline from a swing high of $4,759 to a low of $4,414. However, the bears are active near the $4,550 level. Furthermore, on the hourly chart of ETH/USD, a short-term uptrend channel is forming with support at $4,460.
Ethereum price is currently trading below the 100 hourly simple moving average at $4,520. On the upside, the price may face resistance near the $4,520 level. The next major resistance level is near the $4,550 level.
The first major resistance is near the $4,585 level, or the 50% fibritracement level of the recent swing high $4,759 to $4,414 low. A clear break above the $4,585 resistance could send the price heading towards the $4,620 resistance. A break above the $4,620 area could require further gains in the coming sessions. In the above case, Ether could rise towards the $4,720 resistance zone and even $4,750 in the short term.
Further losses for ETH?
If Ethereum fails to break through the $4,550 resistance level, a fresh decline could begin. The first support on the downside is near the $4,460 level. The first major support is located near the $4,420 zone.
A clear move below the $4,420 support could push the price towards the $4,320 support. Any further losses could send the price towards the $4,250 area in the near term. The next significant support is $4,150.
technical indicators
Hourly MACD – ETH/USD MACD is gaining momentum in the bearish zone.
hourly RSI – The RSI for ETH/USD is currently below the 50 zone.
Major Support Level – $4,420
High resistance level – $4,550
