Ethereum Price Declines Below $4,550 Amid Bearish Trend

Ethereum Price Analysis

  • Ethereum's price declined below $4,550 and is currently consolidating.
  • ETH is trading below the $4,450 mark and the 100-hourly Simple Moving Average.
  • A bearish trend line shows resistance at $4,450 on the hourly chart of ETH/USD.
  • For a potential increase, Ethereum must clear the $4,400 and $4,450 resistance levels.

Price Dynamics

  • ETH failed to maintain above the $4,650 level and dropped below $4,600 and $4,550 supports.
  • The current low is at $4,264, with the price consolidating losses below the 23.6% Fib retracement from $4,637 to $4,264.
  • Resistance levels are seen at $4,350 and then $4,400, with major resistance at $4,450.

Ethereum Price

If Ethereum breaks above $4,450, it could approach $4,500 or even $4,620.

Potential Decline

  • If unable to surpass $4,350 resistance, ETH may decline again.
  • Initial support lies around $4,250, with significant support near $4,220.
  • A drop below $4,220 could lead to further declines towards $4,150 or $4,120.

Technical Indicators

  • MACD: Gaining momentum in the bearish zone.
  • RSI: Below the 50 mark.
  • Major Support Level: $4,250
  • Major Resistance Level: $4,350