Ethereum Price Aims for Upside After Recent Correction Below $4,550

Ethereum Price Update

Ethereum price declined below $4,550 but is correcting losses.
Current trading price near $4,580 and the 100-hourly Simple Moving Average.
Break above key bearish trend line with resistance at $4,450 noted on the ETH/USD hourly chart.
Price may increase unless it closes below $4,460.

Market Movements

ETH reached an all-time high above $4,950 before declining. It tested a low of $4,310 and has moved upward since, breaking past $4,400 and $4,450.

The price has surpassed the 23.6% Fib retracement level from the recent decline. Resistance is expected near $4,630 and $4,650, with major resistance at $4,720.

Ethereum Price

A breakout above $4,720 could lead to further gains towards $4,840 and possibly $4,950 or $5,000.

Potential Downturn

If ETH fails to breach the $4,630 resistance, initial support is near $4,500, with major support around $4,450. A drop below $4,450 could see prices fall to $4,320 or even $4,220, with the next key support at $4,150.

Technical Indicators

Hourly MACD losing momentum in the bearish zone.
Hourly RSI above the 50 zone.
Major Support Level – $4,450
Major Resistance Level – $4,630