Ethereum prices have begun a new decline from the $4,630 zone. ETH is currently showing signs of bearishness, potentially dropping further to $4,460.
- Ethereum is struggling to surpass the $4,630 zone.
- The price is below $4,580 and trades a simple moving average of 100 hours.
- On the ETH/USD hourly wage chart (data feed via Kraken), there was a break under the upward channel with $4,600 support.
- Unless the pair is down below $4,460 in the near term, the pair could begin to start another increase.
Ethereum prices face hurdles
Ethereum Price began fixing the minus side and tested the $4,310 zone, like Bitcoin. ETH Prices found support and recently began a new increase.
There was a move above the $4,400 and $4,420 levels. Prices have cleared the FIB retracement level of 23.6%, a major decline from a swing of $4,956 to a low of $4,310. However, the bear was operating near the $4,630 resistance zone.
A 50% FIB retracement level from a $4,956 swing to a $4,310 service a hurdle. Recently, there was a break under the upward channel with $4,600 support on the ETH/USD hourly wage chart. Ethereum prices are currently below $4,580, trading a simple 100-hour moving average.
The advantage is that the price could face resistance close to the $4,580 level. The next important resistance is close to the $4,630 level. The first major resistance is close to the $4,710 level.
A clear move above the $4,710 resistance could turn the price towards the $4,820 resistance. An upward break above the $4,820 resistance could require more profits in future sessions. If specified, ether could rise towards a $4,880 resistance zone, or even $5,000 in the short term.
More losses in ETH?
If Ethereum fails to clear the $4,630 resistance, it could continue to fall. The initial support for the downside is close to the $4,460 level. The first major support will be near the $4,420 zone.
A clear move below the $4,420 support could push the price up to $4,310 support. Any further losses could send prices towards a support level of $4,240 in the short term. The following key support is $4,150:
Technical indicators
Timely MACD – ETH/USD's MACD is gaining momentum in the bear zone.
Hourly RSI – ETH/USD's RSI is below 50 zone.
Key Support Levels – $4,460
Major Resistance Levels – $4,630
