Ethereum price started a fresh decline below $4,600 and $4,500. ETH is now moving lower and might extend losses below $4,250 in the short term.
The price tested the $4,270 zone. A low was formed at $4,270 and the price is now consolidating losses. There was a minor recovery wave toward the 23.6% Fib retracement level of the recent decline from the $4,760 swing high to the $4,270 low.
However, the bears are active near the $4,380 level. Besides, there is a key bearish trend line forming with resistance at $4,385 on the hourly chart of ETH/USD.
The first major resistance is near the $4,510 level or the 50% Fib retracement level of the recent decline from the $4,760 swing high to the $4,270 low. A clear move above the $4,510 resistance might send the price toward the $4,570 resistance. An upside break above the $4,570 region might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,640 resistance zone or even $4,720 in the near term.
If Ethereum fails to clear the $4,450 resistance, it could start a fresh decline. Initial support on the downside is near the $4,320 level. The first major support sits near the $4,270 zone.
A clear move below the $4,270 support might push the price toward the $4,250 support. Any more losses might send the price toward the $4,150 region in the near term. The next key support sits at $4,120.
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 – $4,320
Major Resistance Level – $4,450
