Ethereum Price Faces Selling Pressure, Bulls Eye $4,600 Comeback

Ethereum price started a fresh decline from the $4,630 ￰0￱ is now showing bearish signs and might decline further below $4,460. Ethereum is struggling to settle above the $4,630 ￰1￱ price is trading below $4,580 and the 100-hourly Simple Moving ￰2￱ was a break below a rising channel with support at $4,600 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start another increase unless there is a close below $4,460 in the near ￰3￱ Price Faces Hurdles Ethereum price started a downside correction and tested the $4,310 zone, like ￰4￱ price found support and recently started a fresh ￰5￱ was a move above the $4,400 and $4,420 ￰6￱ price cleared the 23.6% Fib retracement level of the key decline from the $4,956 swing high to the $4,310 low.

However, the bears were active near the $4,630 resistance ￰7￱ 50% Fib retracement level of the key decline from the $4,956 swing high to the $4,310 low is acting as a hurdle. Recently, there was a break below a rising channel with support at $4,600 on the hourly chart of ETH/USD. Ethereum price is now trading below $4,580 and the 100-hourly Simple Moving ￰8￱ the upside, the price could face resistance near the $4,580 ￰9￱ next key resistance is near the $4,630 ￰10￱ first major resistance is near the $4,710 level. A clear move above the $4,710 resistance might send the price toward the $4,820 ￰11￱ upside break above the $4,820 resistance might call for more gains in the coming ￰12￱ the stated case, Ether could rise toward the $4,880 resistance zone or even $5,000 in the near ￰13￱ Losses In ETH?

If Ethereum fails to clear the $4,630 resistance, it could continue to move ￰14￱ support on the downside is near the $4,460 ￰15￱ first major support sits near the $4,420 zone. A clear move below the $4,420 support might push the price toward the $4,310 ￰16￱ more losses might send the price toward the $4,240 support level in the near ￰17￱ next key support sits at $4,150. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish ￰18￱ RSI – The RSI for ETH/USD is now below the 50 ￰19￱ Support Level – $4,460 Major Resistance Level – $4,630