Ethereum Price Faces Resistance Below $4,600 Amid Correction Trends
Ethereum Price Analysis
- Ethereum failed to maintain gains above $4,750 and is currently consolidating below $4,600.
- The price is trading under the 100-hourly Simple Moving Average.
- A break occurred below a bullish trend line with support at $4,560 on the ETH/USD hourly chart.
- If Ethereum trades below $4,420, further decline is possible.
Current Market Status
- Ethereum tested the $4,750 resistance but faced selling pressure, leading to a correction.
- The price is now consolidating losses around $4,440 and remains below key resistance levels.
- Resistance is expected near $4,520 and $4,600. A move above $4,650 could lead to further gains towards $4,750.
Potential Downside
- If unable to surpass $4,600, Ethereum might experience a fresh decline.
- Initial support lies at $4,440, with major support at $4,420.
- A drop below $4,420 could push the price to $4,320 or even $4,250.
Technical Indicators
- MACD: Losing momentum in the bullish zone.
- RSI: Below the 50 level.
- Major Support Level: $4,420
- Major Resistance Level: $4,600