Ethereum prices have begun a new decline of less than $4,220. ETH is currently integrated and could be further reduced if it breaks the $4,125 support zone.
Ethereum failed to extend its profits, falling below the $4,200 zone. The price is below $4,220 and trades a simple moving average of 100 hours. The ETH/USD hourly wage chart (data feed via Kraken) has an important bearish trend line where resistance is formed at $4,370. The pair could start a new increase if they exceed $4,280 and $4,320.
Ethereum prices are currently at risk
Ethereum prices have not surpassed the $4,500 zone and have begun a new decline, like Bitcoin. ETH prices fell below the support levels of $4,420 and $4,350.
The Bears pushed the price down to under $4,200. The low value formed at $4,000, and the price has recently begun a minor recovery wave. There was movement above the FIB retracement level of 23.6% of the downward wave.
Ethereum prices are currently below $4,220, trading a simple 100-hour moving average. The advantage is that the price could face resistance close to the $4,220 level. The next important resistance is close to the $4,280 level.
The first major resistance is close to the $4,315 level, with 50% FIB retracement levels ranging from a Swing High of $4,636 to a low of $4,000. A clear move outweighing the $4,315 resistance could turn the price towards a $4,370 resistance. There is also a key bearish trend line where resistance forms at $4,370 on the ETH/USD hourly chart.
An upward break above the $4,370 region could require more profits in future sessions. If specified, ether could rise towards a $4,450 resistance zone, or even $4,550.
Another reduction in ETH?
If Ethereum fails to clear its $4,215 resistance, it could begin a new decline. The initial support for the downside is close to the $4,125 level. The first major support is near the $4,050 zone.
A clear move below $4,050 support could push the price up to $4,000 support. Any further losses could send prices to the $3,880 region in the short term. The following key support is $3,750:
Technical indicators
HOURLY MACD – ETH/USD’s MACD is gaining momentum in the bear zone.
Hourly RSI – ETH/USD’s RSI is below 50 zones.
Key Support Levels – $4,125
Major Resistance Levels – $4,320
