Ethereum Price Dives – Can Bulls Step In Before More Damage Is Done?
Ethereum price started a fresh decline below $4,550. ETH is now consolidating and might decline further if it breaks the $4,250 support zone.
- Ethereum failed to extend gains and declined below the $4,550 zone.
- The price is trading below $4,450 and the 100-hourly Simple Moving Average.
- There is a key bearish trend line forming with resistance at $4,450 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase if it settles above $4,400 and $4,450.
Ethereum Price Dips Sharply
Ethereum price failed to continue higher above the $4,650 zone and started a fresh decline, like Bitcoin. ETH price declined below the $4,600 and $4,550 support levels.
The bears even pushed the price below $4,420. A low was formed at $4,264 and the price is now consolidating losses and is well below the 23.6% Fib retracement level of the downward wave from the $4,637 swing high to the $4,264 low.
Ethereum price is now trading below $4,400 and the 100-hourly Simple Moving Average. On the upside, the price could face resistance near the $4,350 level. The next key resistance is near the $4,400 level.
The first major resistance is near the $4,450 level. Besides, there is a key bearish trend line forming with resistance at $4,450 on the hourly chart of ETH/USD. A clear move above the $4,450 resistance might send the price toward the $4,500 resistance or the 61.8% Fib retracement level of the downward wave from the $4,637 swing high to the $4,264 low.
An upside break above the $4,500 region might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,550 resistance zone or even $4,620 in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $4,350 resistance, it could start a fresh decline. Initial support on the downside is near the $4,250 level. The first major support sits near the $4,220 zone.
A clear move below the $4,220 support might push the price toward the $4,150 support. Any more losses might send the price toward the $4,120 region in the near term. The next key support sits at $4,050.
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 – $4,250
Major Resistance Level – $4,350
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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