Ethereum -Price started a new decrease of less than $ 4,250. ETH is now consolidating and can fall further if it breaks the $ 4,120 support zone.
- Ethereum failed to extend the profits and dropped below $ 4,250 zone.
- The price acts under $ 4,280 and the 100-Urly simple advancing average.
- There is an important bearish trend line that forms with resistance at $ 4,360 on the hourly table of ETH/USD (data feed via Kraken).
- The couple can start a new increase if it settles above $ 4,250 and $ 4,320.
Ethereum -Price drops sharply
Ethereum -price could not be higher above $ 4,550 zone and started a new decrease, such as Bitcoin. ETH price fell under the support levels of $ 4,450 and $ 4,350.
The bears even pushed the price below $ 4,120. A low point was formed at $ 4,000 and the price now consolidates losses. There was a small recovery wave above the 23.6% FIB retracement level of the downward wave of $ 4,636 Swing high to $ 4,000 low.
Ethereum price is now traded under $ 4,300 and the 100-hour simple advancing average. At the top the price can experience the resistance near the level of $ 4,220. The next key resistance is near the level of $ 4,250.
The first major resistance is near the $ 4,320 level and the 50% FIB retracement level of the downward wave of $ 4,636 Swing high to $ 4,000 low. A clear movement above the $ 4,320 resistance can send the price to $ 4,360 resistance. There is also an important bearish trend line that forms with resistance at $ 4,360 on the ETH/USD card per hour.
An upward break above the $ 4,360 region can request more profit in the upcoming sessions. In the indicated case, Ether could rise to the $ 4,450 resistance zone or even $ 4,550 in the short term.
Another decline of ETH?
If Ethereum did not know the resistance of $ 4,220, this can start a new decline. The first support at the disadvantage is near the level of $ 4,120. The first major support is near the $ 4,050 zone.
A clear movement under the support of $ 4,050 can push the price to $ 4,000 support. More losses can send the price in the short term to the $ 3,880 region. The following key support is at $ 3,750.
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 – $ 4,120
Large resistance level – $ 4,360