Ethereum Price Declines Below $4,580 as Bears Take Control

Ethereum Price Analysis

Ethereum is experiencing a decline from the $4,630 zone.
The current trading price is below $4,580 and the 100-hourly Simple Moving Average.
A break occurred below a rising channel with support at $4,600 on the ETH/USD hourly chart.
Further declines may occur if the price closes below $4,460.

Market Conditions

Ethereum tested the $4,310 support level after a downside correction. It briefly rose above $4,400 and $4,420 but faced resistance near $4,630. The 50% Fibonacci retracement level from the recent high to low acts as a barrier.

Resistance levels are identified at:

$4,580
$4,630
$4,710

A move above $4,710 could lead to potential gains towards $4,820 or even $5,000.

Potential Downside Risks

If Ethereum does not surpass the $4,630 resistance, it may decline further. Key support levels include:

$4,460
$4,420
$4,310
$4,240
$4,150

Technical Indicators

Hourly MACD indicates bearish momentum.
Hourly RSI is below the 50 mark.