Ethereum Price Declines Below $4,620 Faces Resistance at $4,580

Ethereum's price is currently experiencing a decline, trading below $4,620. Key indicators suggest potential for further losses if the price remains under $4,585.

ETH has dipped below the $4,600 mark and the 100-hourly Simple Moving Average.
A bearish trend line with resistance at $4,580 is evident on the hourly chart of ETH/USD.
The price could increase if it moves above $4,580 and $4,620.

Ethereum Price Challenges

The price fell after failing to hold above $4,650, mirroring Bitcoin's movement. It broke through the 50% Fib retracement level from a $4,268 low to a $4,765 high.

Resistance is identified at $4,550 and $4,580, with major resistance at $4,620. A breakthrough here might propel the price to $4,665 and beyond, possibly reaching $4,720 or even $4,740.

Ethereum Price

Potential Decline

If Ethereum cannot surpass the $4,580 resistance, another decline may occur:

Initial support is near $4,480, with significant support around $4,450.
A drop below $4,450 might drive the price to $4,380, with further losses potentially reaching $4,320 or $4,250.

Technical Indicators

Hourly MACD: Losing momentum in the bullish zone.
Hourly RSI: Below the 50 zone.

Major Support Level: $4,450

Major Resistance Level: $4,580