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>>Ethereum's price faces potential decline as its upward momentum weakens, with sellers aiming for lower price levels.

Ethereum's price faces potential decline as its upward momentum weakens, with sellers aiming for lower price levels.

crypthub

about 20 hours ago

Recent Price Decline

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.

Key Resistance and Support

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.

Technical Analysis

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.

Potential Future Movement

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.