Ethereum fell below $4,400 which triggered a new decline in its value against the US Dollar. To see a new increase, ETH should remain above $4120.
- Ethereum experienced a sharp decline after passing the $4440 resistance zone.
- The stock price currently trades at $4,250.
- A break was seen below a bullish trend line, with support close to $4,360 in the hourly chart of Ethereum/USD (datafeed via Kraken).
- If the pair fails to maintain above $4,120 support level, it could take further losses.
Ethereum Price Signs of Bearishness
The $4,350 resistance level was the same as bitcoin. Ethereum also attempted to rebound. The price for Ethereum even climbed to the $4,400 mark, but failed to climb higher.
The price reached a high of $4,440 before it began a new decline. A break below $4,350 was seen. A break was also observed below the $4,350 support zone.
It fell below the 50% Fib level of the upward movement from the $3960 swing low to the $4,440 high, which was about half the distance between the two levels. Now, it is trading at below $4250 and the 100 hourly simple average.
Source: TradingView.com ETHUSD
Near the $4,200 threshold is the initial resistance. Near the $4,320 and 100 hourly simple moving mean levels is the first significant resistance. In the short term, a close above $4,300 or $4,320 could trigger a new increase. The price could rise to $4,400 in the above scenario. Price could rise to $4,550 if there are more gains.
What Are the Losses of ETH More?
It could cause further losses if ethereum does not start an increase above $4,300. The $4,165 level is the initial support for the downside.
It is currently near the $4150 level. This support is close to the 61.8% Fib level of the upward movement from $3,960 low to $4,440 high. The price could fall further if it breaks below the $4150 support. Below $4,050 the key support will be near, which could lead to a slide towards $4,000
Technical indicators
Hourly MACD – The MACD is declining in the bearish area for USD/ETH.
Hourly RSI – Now, the RSI is well below the 50 mark for USD/ETH.
Major Support Level – $4,150
Major Resistance Level – $4,300