Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Ethereum price started a fresh decline below $4,620. ETH is now trading below $4,620 and might extend losses if it stays below $4,585.
- Ethereum is now correcting gains below the $4,620 zone.
- The price is trading below $4,600 and the 100-hourly Simple Moving Average.
- There is a bearish trend line forming with resistance at $4,580 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase if it settles above $4,580 and $4,620.
Ethereum Price Faces Hurdles
Ethereum price started a fresh decline after it failed to stay above the $4,650 zone, like Bitcoin. ETH price corrected gains and dipped below the $4,600 support.
There was a move below the 50% Fib retracement level of the upward move from the $4,268 swing low to the $4,765 high. The bears were able to push the price below $4,500 and the 100-hourly Simple Moving Average. Besides, there is a bearish trend line forming with resistance at $4,580 on the hourly chart of ETH/USD.
Ethereum price is now trading below $4,560 and the 100-hourly Simple Moving Average. On the upside, the price could face resistance near the $4,550 level. The next key resistance is near the $4,580 level and the trend line.
The first major resistance is near the $4,620 level. A clear move above the $4,620 resistance might send the price toward the $4,665 resistance. An upside break above the $4,665 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,720 resistance zone or even $4,740 in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $4,580 resistance, it could start a fresh decline. Initial support on the downside is near the $4,480 level. The first major support sits near the $4,450 zone and the 61.8% Fib retracement level of the upward move from the $4,268 swing low to the $4,765 high.
A clear move below the $4,450 support might push the price toward the $4,380 support. Any more losses might send the price toward the $4,320 region in the near term. The next key support sits at $4,250.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $4,450
Major Resistance Level – $4,580
