Ethereum price started a new decline below $4,600 and $4,500. ETH is currently falling, and losses could widen to below $4,250 in the short term.
- Ethereum started a downward correction below $4,550 and $4,500.
- The price is trading below the 100-hour simple moving average at $4,450.
- The hourly chart of ETH/USD (data feed via Kraken) shows a major bearish trend line forming at the $4,385 resistance level.
- If it trades below $4,250, the decline could continue.
Ethereum price falls further
The price of Ethereum failed to rise above $4,550 and a new decline began, similar to Bitcoin. ETH price fell below the $4,500 and $4,450 levels and entered the bearish zone.
The price tested was in the $4,270 zone. A low was formed at $4,270 and the price is currently consolidating losses. There was a small wave of recovery towards the 23.6% Fib retracement level of the recent decline from the swing high of $4,760 to the low of $4,270.
However, the bears are active near the $4,380 level. Additionally, there is an important bearish trendline on the hourly chart of ETH/USD that is forming at the $4,385 resistance level.
Ethereum price is currently trading below $4,450 and its 100 hourly simple moving average. On the upside, the price may face resistance near the $4,385 level and trend line. The next major resistance level is near the $4,450 level.
The first major resistance is near the $4,510 level, or the 50% fibritracement level of the recent decline from the $4,760 swing high to the $4,270 low. A clear break above the $4,510 resistance could send the price heading towards the $4,570 resistance. A break above the $4,570 area could require further gains in the coming sessions. In the above case, Ether could rise towards the $4,640 resistance zone and even $4,720 in the short term.
Further losses for ETH?
If Ethereum fails to break through the $4,450 resistance level, a fresh decline could begin. The first support on the downside is near the $4,320 level. The first major support is located near the $4,270 zone.
A clear move below the $4,270 support could push the price towards the $4,250 support. Any further losses could send the price towards the $4,150 area in the near term. The next significant support is $4,120.
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 – $4,320
High resistance level – $4,450
