Ethereum price started a fresh decline below $4,250. ETH is now consolidating and might decline further if it breaks the $4,120 support zone.
Ethereum failed to extend gains and declined below the $4,250 zone.
The price is trading below $4,280 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance at $4,360 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh increase if it settles above $4,250 and $4,320.
Ethereum Price Dips Sharply
Ethereum price failed to continue higher above the $4,550 zone and started a fresh decline, like Bitcoin. ETH price declined below the $4,450 and $4,350 support levels.
The bears even pushed the price below $4,120. A low was formed at $4,000 and the price is now consolidating losses. There was a minor recovery wave above the 23.6% Fib retracement level of the downward wave from the $4,636 swing high to the $4,000 low.
Ethereum price is now trading below $4,300 and the 100-hourly Simple Moving Average. On the upside, the price could face resistance near the $4,220 level. The next key resistance is near the $4,250 level.
The first major resistance is near the $4,320 level and the 50% Fib retracement level of the downward wave from the $4,636 swing high to the $4,000 low. A clear move above the $4,320 resistance might send the price toward the $4,360 resistance. There is also a key bearish trend line forming with resistance at $4,360 on the hourly chart of ETH/USD.
An upside break above the $4,360 region might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,450 resistance zone or even $4,550 in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $4,220 resistance, it could start a fresh decline. Initial support on the downside is near the $4,120 level. The first major support sits near the $4,050 zone.
A clear move below the $4,050 support might push the price toward the $4,000 support. Any more losses might send the price toward the $3,880 region in the near term. The next key support sits at $3,750.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $4,120
Major Resistance Level – $4,360
