Ethereum Price Continues to Decline
After failing to maintain its position above $4,550, Ethereum has entered a bearish trend, following the footsteps of Bitcoin. The price dropped below key support levels of $4,500 and $4,450, signaling a downside correction.
Reaching a low of $4,270, Ethereum is currently consolidating its losses. A minor recovery attempt was made towards the 23.6% Fib retracement level of the recent decline from the $4,760 swing high to the $4,270 low. However, selling pressure remains strong around the $4,380 level.
On the hourly chart of ETH/USD, a bearish trend line has formed with resistance at $4,385. The price is now trading below $4,450 and the 100-hourly Simple Moving Average, indicating further downward movement.
Further Price Movements
If Ethereum fails to break above the $4,450 resistance level, it could see more downside movement. The initial support is around $4,320, followed by a major support level near $4,270.
A clear break below $4,270 could lead to a test of the $4,250 support level. Further losses may push the price towards $4,150, with the next key support at $4,120.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is showing bearish momentum.
Hourly RSI – The RSI for ETH/USD has dropped below the 50 zone.
Major Support Level – $4,320
Major Resistance Level – $4,450