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Ethereum price started a downside correction below the $4,650 zone. ETH is showing some bearish signs and might decline toward the $4,180 support zone.
- Ethereum started a fresh decline below the $4,650 and $4,620 levels.
- The price is trading below $4,500 and the 100-hourly Simple Moving Average.
- There is a bearish trend line forming with resistance at $4,520 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move down if it settles below the $4,250 zone in the near term.
Ethereum Price Dips Further
Ethereum price failed to accelerate higher above the $4,750 zone, like Bitcoin. ETH price reacted to the downside and traded below the $4,650 support zone.
The bears were able to push the price below the $4,550 support zone. There was a clear move below the 61.8% Fib retracement level of the upward move from the $4,170 swing low to the $4,782 high. Besides, there is a bearish trend line forming with resistance at $4,520 on the hourly chart of ETH/USD.
Ethereum price is now trading below $4,550 and the 100-hourly Simple Moving Average. It is now trading near the 76.4% Fib retracement level of the upward move from the $4,170 swing low to the $4,782 high.
On the upside, the price could face resistance near the $4,380 level. The next key resistance is near the $4,440 level. The first major resistance is near the $4,500 level. A clear move above the $4,500 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 $4,500 resistance, it could continue to move down. Initial support on the downside is near the $4,240 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 $4,180 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 – $4,500
