Ethereum Price Pulls Back Hard, Bitcoin Crash Fuels Bearish Wave

Ethereum price started a fresh decline from the $4,950 ￰0￱ is now trading below $4,550 and shows bearish signs similar to ￰1￱ started a fresh decline after it traded to a new all-time ￰2￱ price is trading below $4,550 and the 100-hourly Simple Moving ￰3￱ is a key bearish trend line forming with resistance at $4,510 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start another increase unless there is a close below $4,250 in the near ￰4￱ Price Corrects Gains Ethereum price traded to a new all-time high above the $4,950 level before the bears appeared, unlike ￰5￱ price started a downside correction below the $4,800 and $4,750 ￰6￱ was a move below the $4,650 ￰7￱ price dipped below the 50% Fib retracement level of the upward move from the $4,065 swing low to the $4,956 high.

Besides, there is a key bearish trend line forming with resistance at $4,510 on the hourly chart of ETH/USD. Ethereum price is now trading below $4,550 and the 100-hourly Simple Moving ￰8￱ the upside, the price could face resistance near the $4,500 level and the trend ￰9￱ next key resistance is near the $4,550 ￰10￱ first major resistance is near the $4,620 level. A clear move above the $4,620 resistance might send the price toward the $4,750 ￰11￱ upside break above the $4,750 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￱ Drop In ETH? If Ethereum fails to clear the $4,550 resistance, it could continue to move ￰14￱ support on the downside is near the $4,350 ￰15￱ first major support sits near the $4,280 zone and the 76.4% Fib retracement level of the upward move from the $4,065 swing low to the $4,956 high.

A clear move below the $4,280 support might push the price toward the $4,150 ￰16￱ more losses might send the price toward the $4,120 support level in the near ￰17￱ next key support sits at $4,065. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish ￰18￱ RSI – The RSI for ETH/USD is now below the 50 ￰19￱ Support Level – $4,280 Major Resistance Level – $4,550