Ethereum price started a fresh decline from the $4,700 zone. ETH is now showing bearish signs and might gain bearish momentum if it declines below $4,400.
- Ethereum is still struggling to settle above the $4,630 zone.
- The price is trading below $4,550 and the 100-hourly Simple Moving Average.
- There was a break below a bullish trend line with support at $4,550 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could extend losses and dive if there is a close below $4,400 in the near term.
Ethereum Price Dips Again
Ethereum price started a recovery wave after it tested the $4,320 zone, like Bitcoin. ETH price was able to climb above the $4,400 and $4,450 resistance levels.
The price surpassed the 23.6% Fib retracement level of the key decline from the $4,955 swing high to the $4,310 low. However, the bears remained active near the $4,630 resistance zone. There were two attempts, but the bulls failed to gain strength.
The 50% Fib retracement level of the key decline from the $4,955 swing high to the $4,310 low is acting as a barrier. The price reacted to the downside below $4,600. Besides, there was a break below a bullish trend line with support at $4,550 on the hourly chart of ETH/USD.
Ethereum price is now trading below $4,550 and the 100-hourly Simple Moving Average. On the upside, the price could face resistance near the $4,550 level. The next key resistance is near the $4,600 level. The first major resistance is near the $4,630 level.
A clear move above the $4,630 resistance might send the price toward the $4,720 resistance. An upside break above the $4,720 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,800 resistance zone or even $4,880 in the near term.
More Losses In ETH?
If Ethereum fails to clear the $4,550 resistance, it could continue to move down. Initial support on the downside is near the $4,440 level. The first major support sits near the $4,400 zone.
A clear move below the $4,400 support might push the price toward the $4,320 support. Any more losses might send the price toward the $4,250 support level in the near term. The next key support sits at $4,150.
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 – $4,400
Major Resistance Level – $4,550
Disclaimer: For information purposes only. Past performance is not indicative of future results.