Ethereum started another decline after it reached the $4.950 area. ETH now trades below $4,550. It shows similar bearish signals to Bitcoin.
- After reaching a record high, Ethereum began a downward trend.
- Price is below the Simple Moving Average of 100 hours and $4,550.
- The hourly chart for ETH/USD shows a strong bearish line with resistance of $4,510. (Data feed from Kraken).
- If the pair closes below $4.250, they could begin another rise.
Ethereum price corrects gains
The Ethereum price hit a new high over $4,950 before the bears started to appear, unlike Bitcoin. ETH started a downward correction under the $4.800 and $4.750 levels.
The price moved below the support level of $4,650. Price dropped below 50% Fib of the move upward from $4,065 swing-low to $4,956. On the hourly chart for ETH/USD, a bearish trendline is also forming, with a resistance level of $4,510.
Ethereum’s price has fallen below $4.550. 100-hourly Simple Moving Average. The price may face resistance on the upside near the level of $4,500 and the trendline. Next, the key resistance lies near $4.550.
A clear move above the $4.620 resistance could send the price towards the $4.750 resistance. The price could be sent towards the resistance at $4,750 if it breaks above the $4.620 level. The next session could see more gains if the price breaks above $4,750. Ether may rise to the $4.880 zone of resistance or even $5,000 within the next few sessions.
What’s the Latest on ETH?
Ethereum may continue its downward trend if the resistance level of $4,550 is not overcome. The initial support for the downside lies near $4,350. The $4280 area is the first significant support. It also represents the 76.4% Fib-retracement of the uptrend from the $4065 swing high to $4956.
Any further losses could push the price towards the $4.150 level of support. In the short term, any further losses could push the price towards the $4.120 support. Next key support is at $4 065.
Technical Indicators
Hourly MACD – The MACD (for ETH/USD) is moving away from the bullish zone.
Hourly RSI – The RSI value for ETH/USD now falls below the 50-zone.
Major Support Level – $4,280
Major Resistance Level – $4,550
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Source: www.newsbtc.com
