Ethereum prices have begun a new drop below $4,550. ETH is currently integrated and could decline even further if it breaks its $4,250 support zone.
- Ethereum failed to extend its profits, falling below the $4,550 zone.
- The price is a simple moving average of less than $4,450 and a 100-hour trade.
- ETH/USD timeline charts (data feed via Kraken) have a key bearish trend line where resistance is formed at $4,450.
- The pair could start a new increase if they exceed $4,400 and $4,450.
Ethereum prices drop sharply
Ethereum prices have not surpassed the $4,650 zone and have begun a new decline, like Bitcoin. ETH prices fell below the support levels of $4,600 and $4,550.
The Bears pushed the price down below $4,420. The lows are formed at $4,264, and the price currently combines losses, well below the 23.6% FIB retracement level of the downward wave from a swing high of $4,637 to a low of $4,264.
Ethereum prices are currently below $4,400, trading a simple 100-hour moving average. The advantage is that the price could face resistance close to the $4,350 level. The next important resistance is close to the $4,400 level.
The first major resistance is close to the $4,450 level. What’s more, there’s a key bearish trendline on the ETH/USD hourly wage chart that forms with $4,450 in resistance. A clear move above the $4,450 resistance could send the price from a $4,500 resistance or a downward wave of FIB retracement level of 61.8% to a low of $4,264 from a $4,637 Swing High.
An upward break above the $4,500 region may require more profits in future sessions. If specified, ether could rise towards a $4,550 resistance zone, or even $4,620.
Another reduction in ETH?
If Ethereum fails to clear its $4,350 resistance, it could begin a new decline. The initial support for the downside is close to the $4,250 level. The first major support will be near the $4,220 zone.
A clear move below the $4,220 support could push the price up to $4,150 support. Any further losses could send prices to the $4,120 region in the short term. The following key support is $4,050.
Technical indicators
Timely MACD – ETH/USD’s MACD is gaining momentum in the bear zone.
Hourly RSI – ETH/USD’s RSI is below 50 zone.
Key Support Levels – $4,250
Major Resistance Levels – $4,350
