Ethereum price started a new decline below USD 4,600 and USD 4,500. ETH is now heading lower and could extend losses below $4,250 in the near term.
- Ethereum started a downward correction below USD 4,550 and USD 4,500.
- The price is trading below $4,450 and the 100-hourly Simple Moving Average.
- A major bearish trendline is forming with resistance at $4,385 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to decline if it trades below $4,250.
Ethereum price continues to fall
The price of Ethereum did not stay above $4,550 and started a new decline, just like Bitcoin. ETH price fell below the USD 4,500 and USD 4,450 levels and entered a bearish zone.
The price tested the $4,270 zone. A low was formed at USD 4,270 and the price is now consolidating losses. There was a small recovery wave towards the 23.6% Fib retracement level from the recent decline from the $4,760 swing high to the $4,270 low.
However, the bears are active around the $4,380 level. Additionally, a major bearish trendline is forming with resistance at $4,385 on the hourly chart of ETH/USD.
Ethereum price is now trading below $4,450 and the 100-hourly Simple Moving Average. On the upside, the price could encounter resistance near the USD 4,385 level and the trendline. The next major resistance is near the $4,450 level.
The first major resistance is near the $4,510 level or the 50% Fib retracement level of the recent decline from the $4,760 swing high to the $4,270 low. A clear move above the USD 4,510 resistance could send the price towards the USD 4,570 resistance. An upside break above the $4,570 region could call for more gains in the coming sessions. In the mentioned case, Ether could rise towards the resistance zone of $4,640 or even $4,720 in the short term.
Lose more in ETH?
If Ethereum fails to clear the USD 4,450 resistance, it could trigger another decline. The initial downside support is near the USD 4,320 level. The first major support is near the $4,270 zone.
A clear move below the USD 4,270 support could push the price towards the USD 4,250 support. Any further losses could send the price towards $4,150 in the near term. The next major support is at $4,120.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 zone.
Major support level – $4,320
Major resistance level – $4,450