Ethereum saw gains cut from the resistance of $4,800 against the US Dollar. ETH has fallen 5%, and could fall further if it breaks below $4350.
- Ethereum was unable to surpass the $4800 resistance, and it began a new downtrend.
- The 100-hourly moving average is at approximately $4,500.
- A break was seen below the bullish trendline, with support close to $4,600 in an hourly chart of Ethereum/USD (datafeed via Kraken).
- A close below the 100-hourly SMA could cause further declines in the pair.
Ethereum Prices Gains
The $4,800 resistance level was not cleared by Ethereum and the market plunged again. ETH breached the $4,650 key support zone to move into a bearish zone.
On the hourly chart for ETH/USD, there was also a breakout below a bullish trendline with support at $4,600. Even below the $4550 support zone, the pair traded. Now, it trades near the $4,500 support zone and the 100-hourly simple moving average.
The low was formed at $4,455 where it is consolidating its losses. Near the $4,540 mark is the initial resistance. This is close to the 23.6% Fib Retracement level for the decline from $4,783 high, $4,455 low.
Near the $4,580 mark is the first major resistance. Next is $4,620. This coincides with 50% Fib Retracement of the decline from $4,783 to $4,455 high.
Source: TradingView.com, ETHUSD
The price could rise if it reaches the $4.600 or $4.620 levels. The price could rise to $4,750 in the above scenario. Price could rise to $4,800 if there are more gains.
What Are the Losses of ETH More?
It could begin a downward correction if ethereum does not start an increase above $4,600. Near the $4,500 mark is initial support.
Near the $4,450 support level is currently the first major support. The price could fall further if it breaks below the $4450 support area. Below $4,350 the main break support, which could lead to a significant decline in price.
Technical Indicators
Minutely MACD – In the bearish zone, MACD is increasing in pace for USD/ETH.
Hourly RSI – The RSI of ETH/USD has fallen to well below 50.
Major Support Level – $4,450
Major Resistance Level – $4,620
