Ethereum price started downfall from $4,650. In case it goes below $4,200, the downtrend could gain momentum. Here is a summary of Ethereum price in the past 24 hours:
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- ETH started to decline from $4,700 and $4,650
- Currently, the price is below $4,500 and the 1-hour candle are below the SMA100.
- For the 1-hour chart, ETH has dipped below the support level of an uptrend at $4,620.
- In case of going below $4,200, the downtrend will gain momentum.
Ethereum Price Action Analysis
ETH failed to surpass the crucial $4,850 resistance level. By reaching the $4,769, a strong downtrend followed as sellers took control. The $4,500 and the SMA100 both failed to support the price.
Subsequently, the price dipped below $4,400 and the lowest recorded price is at $4,261. As of now, ETH is trying to recover as the first resistance level is at $4,380.
This level is near the 23.6% Fibonacci retracement level from the latest fall from $4,769 to $4,261. The biggest barrier is at $4,500 which is also near the 50% Fibonacci retracement level. In case ETH surpasses $4,500, we will have a new uptrend. The next crucial resistance level is expected at $4,650. Further growth could bring the price closer to the $4,800.
On the other hand, if Ethereum price fails to surpass the $4,380 and $4,400, the downtrend will continue. For this scenario, the first support level is at $4,280.
Following that, the $4,250 will be next in line to support ETH. Losing this level could be detrimental for the price. The next support level will be $4,150. Further decline can bring the price closer to $4,050 as the next one is at $4,000.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD for Ethereum is on a downward movement.
RSI: the relative strength index is below 40.
Resistance levels: for the bullish run, the $4,500 is absolutely necessary to surpass.
Support levels: at this point, the $4,250 is the crucial support level for ETH.
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