Ethereum Price Declines Below $4,550 as Bears Gain Momentum

Ethereum Price Analysis

Ethereum price declined from $4,700 and shows bearish signs.
Currently trading below $4,550 and the 100-hourly Simple Moving Average.
A break below a bullish trend line occurred with support at $4,550.
A close below $4,400 could extend losses further.

Ethereum initially recovered after testing $4,320, managing to surpass resistance levels at $4,400 and $4,450. However, it faced strong resistance near $4,630, resulting in downward movement below $4,600.

The current trading dynamics are as follows:

Resistance levels: $4,550, $4,600, $4,630.
Support levels: $4,440, $4,400, $4,320, $4,250, and $4,150.
Hourly MACD indicates bearish momentum.
RSI is below the 50 mark.

If Ethereum fails to breach the $4,550 resistance, continued declines are likely, potentially reaching as low as $4,250 if the $4,400 support breaks.