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.
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.
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.
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
