Ethereum price failed to extend its gains above $4,600 and fell. ETH is now moving lower and losses may extend below $4,400 in the short term.
- Ethereum started a bearish correction below $4,600 and $4,550.
- The price is trading below the $4,550 level and the 100 hourly simple moving average.
- There is a short-term bullish channel forming with support at $4,460 on the hourly chart of ETH/USD (data feed via Kraken).
- It is possible that the pair will continue moving lower if it trades below $4,400.
Ethereum prices are falling again
Ethereum price extended its gains above $4,620 and $4,650, like Bitcoin. ETH price tested the $4,750 resistance area before there was a new low. The low was formed at $4,414 and the price is now consolidating losses.
There was a slight rebound above $4,500. The price rose above the 23.6% Fibonacci retracement level of the recent decline from the high of $4,759 to the low of $4,414. However, the bears are active near the $4,550 level. Additionally, there is a short-term rising channel forming with support at $4,460 on the hourly chart of the ETH/USD pair.
Ethereum price is now trading below the $4,520 level and the 100 hourly simple moving average. On the upside, the price may face resistance near the $4,520 level. The next major resistance is near the $4,550 level.
The first major resistance is near the $4,585 level or the 50% Fibonacci retracement level of the recent decline from the high of $4,759 to the low of $4,414. A clear move above the $4,585 resistance could send the price towards the $4,620 resistance. A bullish break above the $4,620 area may require further gains in the coming sessions. In the mentioned case, Ether could rise towards the resistance area of $4,720 or even $4,750 in the near term.
More losses in ETH?
If Ethereum fails to break above the $4,550 resistance level, it could start a new decline. Initial support on the downside is near the $4,460 level. The first major support is near the $4,420 area.
A clear move below the $4,420 support level could push the price towards the $4,320 support level. Any further losses could send the price towards the $4,250 region in the near term. The next major support is at $4,150.
Technical indicators
MACD per hour – The MACD indicator for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 area.
Major Support Level – $4,420
Major resistance level – $4,550
The post Ethereum Price At Risk – Momentum Fades As Bears Target Fresh Lows Ahead first appeared on Investorempires.com.
