Ethereum Price Declines Below $4,450 With Potential Further Losses
Ethereum Price Decline
- Ethereum price is on a downward trend, slipping below $4,600 and $4,500.
- Trading below $4,450 and the 100-hourly Simple Moving Average.
- A key bearish trend line with resistance at $4,385 is forming on the hourly ETH/USD chart.
- Potential further decline if the price falls below $4,250.
Technical Analysis
- Ethereum recently tested the $4,270 area, reaching a low there.
- A minor recovery wave was observed towards the 23.6% Fib retracement level from $4,760 to $4,270.
- Bears remain active near $4,380, causing resistance.
- First major resistance levels are $4,510 (50% Fib retracement) and $4,570.
- If cleared, potential rise towards $4,640 or $4,720.
Support and Resistance Levels
- Initial support at $4,320; major support at $4,270.
- A drop below $4,270 might push the price to $4,150 or even $4,120.
- Hourly MACD indicates increasing bearish momentum.
- Hourly RSI is below the 50 zone, indicating bearish conditions.
Major Support Level: $4,320
Major Resistance Level: $4,450