Ethereum prices have begun a lower side correction, below the $4,650 zone. ETH has shown some bearish signs and could decline towards a $4,180 support zone.
- Ethereum has begun a new decline below the $4,650 and $4,620 levels.
- 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 bearish trendline with resistance formed at $4,520.
- The pair could continue to fall if they were below the $4,250 zone in the short term.
Ethereum prices drop even further
Ethereum prices couldn't accelerate higher than the $4,750 zone, like Bitcoin. ETH prices responded to the downside, trading below the $4,650 support zone.
The bear managed to get below the $4,550 support zone price. There was a clear move below the 61.8% FIB retracement level of the upward movement from the $4,170 Swing Low to $4,782. What's more, the ETH/USD hourly wage chart is $4,520 and resistance is formed.
Ethereum prices are currently below $4,550, trading a simple 100-hour moving average. It is currently trading near the 76.4% FIB retracement level and near the upward moving level from $4,170 Swing Low to $4,782.
The advantage is that the price could face resistance close to the $4,380 level. The next important resistance is close to the $4,440 level. The first major resistance is close to the $4,500 level. A clear move above the $4,500 resistance could direct the price towards the $4,550 resistance.
An upward break above the $4,550 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 $4,240 level. The first major support will be near the $4,200 zone.
A clear move below $4,200 support could push the price up to $4,180 support. Any further losses could send prices towards a support level of $4,050 in the short term. The following key support is $4,000:
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 – $4,200
Major Resistance Levels – $4,500
