Ethereum Trims Gains, Why This Level Is The Key For Fresh Increase

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.

Ethereum Price

Source: 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 MACDThe MACD is declining in the bearish area for USD/ETH.

Hourly RSINow, the RSI is well below the 50 mark for USD/ETH.

Major Support Level – $4,150

Major Resistance Level – $4,300

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