Ethereum Recent Gains in Danger – Could We See Another Drop?

Ethereum price started a fresh decline below the $4,650 ￰0￱ is now showing bearish signs and might gain bearish momentum if it drops below $4,340. Ethereum is still struggling to settle above the $4,500 ￰1￱ price is trading below $4,500 and the 100-hourly Simple Moving ￰2￱ is a key bearish trend line forming with resistance at $4,460 on the hourly chart of ETH/USD (data feed via Kraken). The pair could extend losses and dive if there is a close below $4,340 in the near ￰3￱ Price Dips Again Ethereum price started a recovery wave after it tested the $4,260 zone, like ￰4￱ price was able to climb above the $4,320 and $4,350 resistance ￰5￱ price surpassed the 50% Fib retracement level of the key decline from the $4,660 swing high to the $4,261 low.

However, the bears remained active near the $4,480 resistance ￰6￱ were two attempts, but the bulls failed to gain strength to clear $4,500. The 61.8% Fib retracement level of the key decline from the $4,660 swing high to the $4,261 low is acting as a ￰7￱ price reacted to the downside below $4,450. Ethereum price is now trading below $4,450 and the 100-hourly Simple Moving Average. Besides, there is a key bearish trend line forming with resistance at $4,460 on the hourly chart of ETH/USD.

On the upside, the price could face resistance near the $4,450 ￰8￱ next key resistance is near the $4,480 ￰9￱ first major resistance is near the $4,500 level. A clear move above the $4,500 resistance might send the price toward the $4,565 ￰10￱ upside break above the $4,565 resistance might call for more gains in the coming ￰11￱ the stated case, Ether could rise toward the $4,650 resistance zone or even $4,720 in the near ￰12￱ Losses In ETH? If Ethereum fails to clear the $4,500 resistance, it could continue to move ￰13￱ support on the downside is near the $4,375 ￰14￱ first major support sits near the $4,340 zone. A clear move below the $4,340 support might push the price toward the $4,320 ￰15￱ more losses might send the price toward the $4,260 support level in the near ￰16￱ next key support sits at $4,150.

Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish ￰17￱ RSI – The RSI for ETH/USD is now below the 50 ￰18￱ Support Level – $4,340 Major Resistance Level – $4,500