Ethereum Price has begun a new decline below the $4,650 zone. ETH is currently showing signs of bearishness, with under $4,340 likely to gain weaker momentum.
- Ethereum is still struggling to surpass the $4,500 zone.
- The price is below $4,500 and trades a simple moving average of 100 hours.
- ETH/USD timeline charts (data feed via Kraken) have a key bearish trend line where resistance forms at $4,460.
- The pair can extend their losses and dive if they are below $4,340 in the short term.
Ethereum prices drop again
Ethereum prices began a recovery wave after testing a $4,260 zone like Bitcoin. ETH prices were able to exceed the resistance levels of $4,320 and $4,350.
Prices surpassed the 50% FIB retracement level, ranging from a swing high of $4,660 to a low of $4,261. However, the Bears remained active near the $4,480 resistance zone. There were two attempts, but the bull was unable to gain any strength to clear $4,500.
The FIB retracement level of 61.8%, a major decline from a swing high of $4,660 to a low of $4,261, is acting as a barrier. Prices responded to the downside of under $4,450.
Ethereum prices are currently below $4,450, trading a simple 100-hour moving average. What's more, there's a key bearish trendline that forms resistance at $4,460 on the ETH/USD hourly wage chart. The advantage is that the price could face resistance close to the $4,450 level. The next important resistance is close to the $4,480 level. The first major resistance is close to the $4,500 level.
A clear move above the $4,500 resistance could potentially send the price towards a $4,565 resistance. An upward break above the $4,565 resistance could require more profits in future sessions. If stated, ether could rise towards a $4,650 resistance zone, and even $4,720.
More losses in ETH?
If Ethereum cannot clear its $4,500 resistance, it could continue to fall. The initial support for the downside is close to the $4,375 level. The first major support is near the $4,340 zone.
A clear move below the $4,340 support could push the price up to $4,320 support. Any further losses could send prices towards a support level of $4,260 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 – $4,340
Major Resistance Levels – $4,500
