Ethereum price started a downside correction below the $4,550 zone. ETH is showing some bearish signs and might decline toward the $4,120 support zone.
- Ethereum started a fresh decline below the $4,550 and $4,420 levels.
- The price is trading below $4,450 and the 100-hourly Simple Moving Average.
- There is a bearish trend line forming with resistance at $4,450 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move down if it settles below the $4,200 zone in the near term.
Ethereum Price Dips Again
Ethereum price failed to recover and started a fresh decline below the $4,650 zone, like Bitcoin. ETH price gained bearish momentum and traded below the $4,450 support zone.
The bears were able to push the price below the $4,350 support zone. Finally, the price tested the $4,220 zone. A low was formed at $4,228 and the price is now attempting to recover. There was a move above the 23.6% Fib retracement level of the recent decline from the $4,581 swing high to the $4,228 low.
Ethereum price is now trading below $4,450 and the 100-hourly Simple Moving Average. On the upside, the price could face resistance near the $4,375 level. The next key resistance is near the $4,400 level. It is close to the 50% Fib retracement level of the recent decline from the $4,581 swing high to the $4,228 low.
The first major resistance is near the $4,450 level. There is also a bearish trend line forming with resistance at $4,450 on the hourly chart of ETH/USD. A clear move above the $4,450 resistance might send the price toward the $4,550 resistance.
An upside break above the $4,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,650 resistance zone or even $4,720 in the near term.
More Losses In ETH?
If Ethereum fails to clear the $4,400 resistance, it could continue to move down. Initial support on the downside is near the $4,220 level. The first major support sits near the $4,200 zone.
A clear move below the $4,200 support might push the price toward the $4,150 support. Any more losses might send the price toward the $4,050 support level in the near term. The next key support sits at $4,000.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $4,200
Major Resistance Level – $4,400
