Ethereum prices have begun a new drop below $4,250. ETH is currently integrated and could decline even further if it breaks its $4,120 support zone.
Ethereum failed to extend its profits, falling below the $4,250 zone. The price is below $4,280 and trades a simple 100-hour moving average. ETH/USD timeline charts (data feed via Kraken) have a key bearish trend line where resistance is formed at $4,360. The pair could start a new increase if they exceed $4,250 and $4,320.
Ethereum prices drop sharply
Ethereum prices have not been able to continue beyond the $4,550 zone and have begun a new decline, like Bitcoin. ETH prices fell below the support levels of $4,450 and $4,350.
The Bears have pushed the price down below $4,120. The lows are formed at $4,000, and the price is currently consolidating the losses. A minor recovery wave exceeded the FIB retracement level of 23.6% of the downward wave, ranging from $4,636 to $4,000 lows.
Ethereum prices are currently below $4,300, 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 $4,250 level.
The first major resistance is close to the $4,320 level, with 50% FIB retracement levels ranging from a Swing High of $4,636 to a low of $4,000. A clear move above the $4,320 resistance could turn the price towards the $4,360 resistance. There is also a key bearish trend line where resistance forms at $4,360 on ETH/USD hourly charts.
An upward break above the $4,360 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 $4,220 resistance, it could begin a new decline. The initial support for the downside is close to the $4,120 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 – $4,120
Major Resistance Levels – $4,360
