Ethereum price started a fresh decline below the $4,550 zone. ETH is now correcting losses and might aim for a move above the $4,650 zone.
The price tested the $4,320 zone. A low was formed at $4,310 and the price started a fresh upward move. There was a break above $4,400 and $4,450. The price surpassed the 23.6% Fib retracement level of the recent decline from the $4,956 swing high to the $4,310 low.
Besides, there was a break above a key bearish trend line with resistance at $4,450 on the hourly chart of ETH/USD. Ethereum price is now trading near $4,580 and the 100-hourly Simple Moving Average.
On the upside, the price could face resistance near the $4,630 level and the 50% Fib retracement level of the recent decline from the $4,956 swing high to the $4,310 low. The next key resistance is near the $4,650 level. The first major resistance is near the $4,720 level.
A clear move above the $4,720 resistance might send the price toward the $4,840 resistance. An upside break above the $4,840 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,950 resistance zone or even $5,000 in the near term.
If Ethereum fails to clear the $4,630 resistance, it could continue to move down. Initial support on the downside is near the $4,500 level. The first major support sits near the $4,450 zone.
A clear move below the $4,450 support might push the price toward the $4,320 support. Any more losses might send the price toward the $4,220 support level in the near term. The next key support sits at $4,150.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $4,450
Major Resistance Level – $4,630
