Ethereum price failed to continue its rise above $4,600 and fell. ETH is currently in a downward trend and losses may extend below $4,400 in the near term.
- Ethereum began a downward correction below $4,600 and $4,550.
- The price is trading below $4,550 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a short-term ascending channel with support at $4,460.
- The pair could continue to fall if it trades below $4,400.
Ethereum price falls again
Ethereum price rose above $4,620 and $4,650, as did Bitcoin. ETH price tested the $4,750 resistance zone before a fresh decline occurred. The low was formed at $4,414 and the price is currently consolidating losses.
There was a small recovery above $4,500. The price recently broke above the 23.6% Fib retracement level of the decline from the $4,759 swing high to the $4,414 low. However, the bears remain active near the $4,550 level. Additionally, a short-term upward channel is formed with support at $4,460 on the hourly chart of ETH/USD.
Ethereum price is currently trading below $4,520 and the 100-hour simple moving average. On the other hand, the price may face resistance near $4,520. The next major resistance is near the $4,550 level.
The first major resistance is near the $4,585 level or the 50% Fib retracement level of the recent decline from the $4,759 swing high to the $4,414 low. A clear break above the $4,585 resistance may push the price towards the $4,620 resistance. An uptrend above the $4,620 region could lead to further gains in the coming sessions. If indicated, Ethereum could rise to the $4,720 resistance zone or $4,750 in the near term.
Will there be more losses in ETH?
If Ethereum fails to clear the $4,550 resistance, a new downtrend could begin. Initial support for the downside is near the $4,460 level. The first major support is near the $4,420 area.
A clear move below the $4,420 support could push the price towards the $4,320 support. More losses could push the price towards the $4,250 region in the near term. The next major support level is $4,150.
technical indicators
Hourly MACD – ETH/USD MACD is gaining momentum in bearish territory.
RSI per hour – The RSI for ETH/USD is now below the 50 area.
Key Support Level – $4,420
Key Resistance Level – $4,550