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>>Ethereum's price is declining, and additional losses might test a crucial support level.

Ethereum's price is declining, and additional losses might test a crucial support level.

crypthub

2 days ago

Recent Price Action

Ethereum's price has experienced a fresh decline, falling below $4,600 and $4,500. The price dipped below $4,450 and tested the $4,270 zone, consolidating losses. Currently, the price is moving lower and may extend losses below $4,250 in the short term.

Trend Lines and Resistance

A bearish trend line is forming with resistance around $4,385 on the hourly chart. Bears remain active near the $4,380 level, hindering any significant recovery. The price is trading below the 100-hourly Simple Moving Average, further reinforcing the bearish momentum.

Potential Support and Resistance Levels

Initial support on the downside is near the $4,320 level, followed by the $4,270 zone. Potential resistance lies near $4,450 and $4,510, which are considered major levels. A breach of $4,510 could send the price towards $4,570.

Technical Indicators

The hourly MACD for ETH/USD is showing momentum in the bearish zone. The hourly RSI for ETH/USD is now below the 50 level, suggesting weakening positive momentum. These indicators contribute to the overall negative outlook for Ethereum's price.