Ethereum Under Pressure: Bulls Fight for $4,600 Comeback Amidst Bearish Signals

Ethereum (ETH) is currently facing significant selling pressure, initiating a fresh decline from the $4,630 zone and flashing bearish signals that could push its value further below $4,460. The cryptocurrency struggles to maintain its position above key resistance levels, indicating a critical period for its short-term trajectory.

Ethereum's Price Battle and Resistance Hurdles

After a recent downside correction that saw Ethereum test the $4,310 support level, mirroring Bitcoin's movements, ETH managed a modest rebound. The price climbed past the $4,400 and $4,420 marks, even breaching the 23.6% Fibonacci retracement level of its previous decline from the $4,956 swing high to the $4,310 low. However, this recovery was short-lived, as strong bearish activity emerged near the $4,630 resistance zone. The 50% Fib retracement level is now a formidable obstacle. Compounding the bearish sentiment, a crucial rising channel with support at $4,600 on the hourly chart of ETH/USD (Kraken data) has been broken. ETH is currently trading below both the $4,580 mark and the 100-hourly Simple Moving Average, further solidifying the prevailing bearish outlook. For a potential upside reversal, Ethereum must first overcome immediate resistance near $4,580, followed by the significant $4,630 barrier. The first major resistance stands at $4,710. A decisive move above $4,710 could propel the price towards $4,820, and a sustained break beyond $4,820 might unlock further gains, potentially targeting the $4,880 zone or even a return to $5,000 in the near term.

The Looming Threat of Further Declines

Should Ethereum fail to surmount the $4,630 resistance, the path downwards appears clearer. Initial downside support is anticipated near the $4,460 level, with the first major support located around the $4,420 zone. A breach below $4,420 could trigger a descent towards the $4,310 support. In a more pronounced bearish scenario, additional losses could drive the price towards $4,240, with the next critical support level at $4,150.

Key Technical Indicators

• Hourly MACD: The Moving Average Convergence Divergence for ETH/USD is gathering momentum within the bearish territory.
• Hourly RSI: The Relative Strength Index for ETH/USD has dropped below the 50 zone, indicating a weakening of bullish momentum.
• Major Support Level: $4,460
• Major Resistance Level: $4,630 (By Aayush Jindal, August 28, 2025)