Ethereum price failed to extend its rally above $4,750 and fell. ETH is currently on the decline and may struggle to break above $4,600 in the short term.
- Ethereum started a downward correction below $4,620 and $4,600.
- The price is trading below $4,600 and the 100-hour simple moving average.
- On the hourly chart of ETH/USD (data feed via Kraken), the pair broke below the key bullish trend line with support at $4,560.
- If it trades below $4,420, the decline may continue.
Ethereum price corrects rise
Ethereum price rose above $4,600 and $4,620, similar to Bitcoin. ETH price even tested the $4,750 resistance zone before the bears emerged. A high was formed at $4,759 and the price has corrected some gains.
There was a move below the $4,620 and $4,600 levels. Moreover, the ETH/USD pair broke below the main bullish trend line with support at $4,560 on the hourly chart. The pair has also tested the $4,440 zone and is currently consolidating losses.
Ethereum price is currently trading below $4,550 and its 100 hourly simple moving average. On the upside, the price may face resistance near the $4,520 level and the 23.6% fib retracement level of the recent decline from the swing high of $4,759 to the low of $4,435.
The next major resistance level is near the $4,550 level. The first major resistance is near the $4,600 level, or the 50% fibritracement level of the decline from the recent swing high of $4,759 to the $4,435 low. A clear break above the $4,600 resistance could send the price heading towards the $4,650 resistance. A break above the $4,650 area could require further gains in the coming sessions. In the above case, Ether could rise towards the $4,720 resistance zone and even $4,750 in the short term.
Further losses for ETH?
If Ethereum fails to break through the resistance at $4,600, a fresh decline could begin. The first support on the downside is near the $4,440 level. The first major support is located near the $4,420 zone.
A clear move below the $4,420 support could push the price towards the $4,320 support. Any further losses could send the price towards the $4,250 area in the near term. The next significant support is $4,150.
technical indicators
Hourly MACD – ETH/USD MACD is losing momentum in the bullish zone.
hourly RSI – The RSI for ETH/USD is currently below the 50 zone.
Major Support Level – $4,420
High resistance level – $4,600
