Ethereum Price Declines Below $4,450, Eyes $4,200 Support Zone
Ethereum Price Overview
- Ethereum is experiencing a decline, trading below the $4,550 and $4,450 levels.
- The price has fallen below the 100-hourly Simple Moving Average.
- A bearish trend line is forming with resistance at $4,450 on the hourly chart.
- If ETH settles below $4,200, further declines may occur.
Current Price Action
- ETH dropped below the $4,650 zone and tested a low of $4,228.
- The price is attempting a recovery but remains below key resistance levels.
- Resistance levels are identified at $4,375 and $4,400, with the next key resistance near $4,450.
Potential Future Movements
- Failure to break above $4,400 could lead to continued declines.
- Initial support is around $4,220, with major support at $4,200.
- A drop below $4,200 might push the price toward $4,150 or $4,050.
Technical Indicators
- MACD indicates increasing bearish momentum.
- RSI is below the 50 level.