Ethereum’s price failed to extend gains above $4,750 and fell. ETH is now consolidating and could struggle to rise above $4,600 in the near term.
- Ethereum started a downward correction below USD 4,620 and USD 4,600.
- The price is trading below $4,600 and the 100-hourly Simple Moving Average.
- There was a break below a key bullish trendline with support at $4,560 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to fall if it trades below $4,420.
Ethereum price corrects gains
Ethereum’s price extended gains above $4,600 and $4,620, as did Bitcoin. ETH price even tested the USD 4,750 resistance zone before the bears appeared. A high was reached at $4,759 and the price corrected some gains.
There was a move below the USD 4,620 and USD 4,600 levels. Additionally, there was a break below a key bullish trendline with support at $4,560 on the hourly chart of ETH/USD. The pair even tested the $4,440 zone and is currently consolidating losses.
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 $4,520 level and the 23.6% Fib retracement level from the recent decline from the $4,759 swing high to the $4,435 low.
The next major resistance is near the $4,550 level. The first major resistance is near the $4,600 level or the 50% Fib retracement level of the recent decline from the $4,759 swing high to the $4,435 low. A clear move above the USD 4,600 resistance could send the price towards the USD 4,650 resistance. An upside break above the $4,650 region could call for more gains in the coming sessions. In the mentioned case, Ether could rise towards the resistance zone of $4,720 or even $4,750 in the short term.
Lose more in ETH?
If Ethereum fails to clear the USD 4,600 resistance, it could trigger another decline. The initial downside support is near the $4,440 level. The first major support is near the $4,420 zone.
A clear move below the USD 4,420 support could push the price towards the USD 4,320 support. Any further losses could send the price towards $4,250 in the near term. The next major support is at USD 4,150.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 zone.
Major support level – $4,420
Major resistance level – $4,600