Ethereum prices have begun a new decline of less than $4,120. ETH is currently struggling and could decline even further if it breaks its $4,050 support zone.
Ethereum failed to extend its profits, falling below the $4,150 zone. The price is below $4,150 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 continue to fall if they fall below $4,050 and $4,000.
Ethereum prices drop again
Ethereum prices remained in the bear zone after falling below $4,450, like Bitcoin. ETH prices fell below the support levels of $4,320 and $4,300.
The Bears have pushed the price down below $4,120. 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.
However, the Bears remained active near the $4,250 resistance zone and again lowered the price. Ethereum prices are currently below $4,150, trading a simple 100-hour moving average. What’s more, there’s a key bearish trendline on the ETH/USD hourly wage chart, with resistance formed at $4,360.
The advantage is that the price could face resistance close to the $4,150 level. The next important resistance is close to the $4,220 level. The first major resistance is close to the $4,250 level. A clear move above the $4,250 resistance could potentially send prices towards the $4,350 resistance and trendline.
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.
ETH’s drawback extension?
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 $4,050 level. The first major support is near the $4,000 zone.
A clear move below $4,000 support could push the price up to $3,880 support. Any further losses could send prices to the $3,820 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 – $4,050
Major Resistance Levels – $4,220
