
Ethereum's price faces potential decline as its upward momentum weakens, with sellers aiming for lower price levels.
Ethereum's price has failed to sustain gains above $4,600 and is currently experiencing a downside correction. The price dipped to a low of $4,414 before showing minor recovery, but is now consolidating losses below $4,520. A short-term rising channel exists with support around $4,460. Resistance levels are currently positioned around $4,550 and $4,585, with the potential for gains toward $4,720 or $4,750 if those are breached. Initial support lies near $4,460, followed by a major support zone around $4,420. Further losses could push the price towards $4,320 and $4,250. The hourly MACD indicates gaining momentum in the bearish zone. The hourly RSI is also below the 50 level, suggesting weakening momentum. These factors contribute to the overall negative short-term outlook for Ethereum's price. If Ethereum fails to surpass the $4,550 resistance, a fresh decline could occur. A move below $4,420 support may lead to losses towards $4,320. The next support level to watch is $4,150.