Ethereum’s value has begun a new decline from the $4,630 mark. ETH is indicating bearish trends and may drop further below $4,460.
- Ethereum is having difficulty stabilizing above the $4,630 mark.
- The price is currently below $4,580 and the 100-hourly Simple Moving Average.
- A break occurred below a rising channel with support at $4,600 on the hourly ETH/USD chart (data feed via Kraken).
- The pair could initiate another rise unless it closes below $4,460 soon.
Ethereum Price Encounters Challenges
Ethereum’s price has begun a downward correction and reached the $4,310 mark, mirroring Bitcoin’s trend. ETH found support and recently initiated a new rise.
The price exceeded the $4,400 and $4,420 levels, successfully surpassing the 23.6% Fib retracement level from the significant decline between the $4,956 swing high and the $4,310 low. However, selling pressure emerged around the $4,630 resistance area.
The 50% Fib retracement level from the decline between the $4,956 swing high and the $4,310 low is proving to be a barrier. Recently, a break below the rising channel with support at $4,600 occurred on the hourly ETH/USD chart. Currently, Ethereum’s price is trading below $4,580 and the 100-hourly Simple Moving Average.
On the upward side, the price may encounter resistance at around $4,580. The next significant resistance point lies near the $4,630 level, while the first major resistance is found around $4,710.
A definitive move above the $4,710 resistance could propel the price towards the $4,820 resistance. An upside breakthrough beyond the $4,820 resistance might lead to additional gains in subsequent sessions. Under such circumstances, Ether could surge towards the $4,880 resistance area or even $5,000 soon.
Further Declines in ETH?
If Ethereum is unable to surpass the $4,630 resistance, it may continue its downward movement. Initial support on the downside is close to the $4,460 mark, with the first major support near the $4,420 zone.
A clear drop below the $4,420 support could drive the price toward the $4,310 support level. Additional losses may push the price to the $4,240 support level in the near term, with the next key support at $4,150.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining traction in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently below the 50 mark.
Major Support Level – $4,460
Major Resistance Level – $4,630
