Ethereum price started a new decrease of less than $ 4,550. ETH is now consolidating and can fall further if it breaks the $ 4,250 support zone.
- Ethereum failed to extend the profits and dropped below $ 4,550 zone.
- The price acts under $ 4,450 and the 100-hour simple advancing average.
- There is an important bearish trend line that forms with resistance to $ 4,450 on the hourly table ETH/USD (data special via Kraken).
- The couple can start a new increase if it settles above $ 4,400 and $ 4,450.
Ethereum -Price drops sharply
Ethereum -price could not be higher above $ 4,650 zone and started a new decrease, such as Bitcoin. ETH price fell under the support levels of $ 4,600 and $ 4,550.
The bears even pushed the price below $ 4,420. A layer was formed at $ 4,264 and the price is now losing and is far below the 23.6% FIB retracement level of the downward wave of $ 4,637 Swing high to $ 4,264 low.
Ethereum price is now being traded under $ 4,400 and the 100-hour simple advancing average. At the top the price can experience the resistance near the level of $ 4,350. The next key resistance is near the level of $ 4,400.
The first major resistance is near the level of $ 4,450. By the way, there is an important Bearish trend line that forms with resistance at $ 4,450 on the ETH/USD card per hour. A clear movement above the $ 4,450 resistance can send the price to the $ 4,500 resistance or the 61.8% FIB racement level of the downward wave of the $ 4,637 Swing High to $ 4,264 Low.
An upward break above the $ 4,500 region can request more profit in the coming sessions. In the indicated case, Ether could rise to the $ 4,550 resistance zone or even $ 4,620 in the short term.
Another decline of ETH?
If Ethereum did not know the resistance of $ 4,350, this can start a new decline. The first support on the disadvantage is near the level of $ 4,250. The first major support is near the $ 4,220 zone.
A clear movement under the support of $ 4,220 can push the price to $ 4,150 support. More losses can send the price in the short term to the region of $ 4,120. The following key support is at $ 4,050.
Technical indicators
Hour MacD – The MACD for ETH/USD is gaining strength in the bearish zone.
Hour RSI – The RSI for ETH/USD is now below 50 zone.
Major support level – $ 4,250
Large resistance level – $ 4,350