Ethereum Price Rally Stalls – Is A Deeper Correction Now On The Horizon?

Ethereum price failed to extend gains above $4,750 and ￰0￱ is now consolidating and might struggle to rise above $4,600 in the short ￰1￱ started a downside correction below $4,620 and $4,600. The price is trading below $4,600 and the 100-hourly Simple Moving ￰2￱ was a break below a key bullish trend line with support at $4,560 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move down if it trades below $4,420. Ethereum Price Corrects Gains Ethereum price extended gains above $4,600 and $4,620, like ￰3￱ price even tested the $4,750 resistance zone before the bears appeared.

A high was formed at $4,759 and the price corrected some ￰4￱ was a move below the $4,620 and $4,600 levels. Besides, there was a break below a key bullish trend line with support at $4,560 on the hourly chart of ETH/USD. The pair even tested the $4,440 zone and is currently consolidating ￰5￱ price is now trading below $4,550 and the 100-hourly Simple Moving ￰6￱ the upside, the price could face resistance near the $4,520 level and the 23.6% Fib retracement level of the recent decline from the $4,759 swing high to the $4,435 ￰7￱ next key resistance is near the $4,550 ￰8￱ first major resistance is near the $4,600 level or the 50% Fib retracement level of the recent decline from the $4,759 swing high to the $4,435 low.

A clear move above the $4,600 resistance might send the price toward the $4,650 ￰9￱ upside break above the $4,650 region might call for more gains in the coming ￰10￱ the stated case, Ether could rise toward the $4,720 resistance zone or even $4,750 in the near ￰11￱ Losses In ETH? If Ethereum fails to clear the $4,600 resistance, it could start a fresh ￰12￱ support on the downside is near the $4,440 ￰13￱ first major support sits near the $4,420 zone. A clear move below the $4,420 support might push the price toward the $4,320 ￰14￱ more losses might send the price toward the $4,250 region in the near ￰15￱ next key support sits at $4,150. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish ￰16￱ RSI – The RSI for ETH/USD is now below the 50 ￰17￱ Support Level – $4,420 Major Resistance Level – $4,600