Ethereum Price Under Pressure: Bulls Face Critical Test
Ethereum (ETH) has recently experienced a significant price downturn, dipping below the crucial $4,550 mark. As the cryptocurrency consolidates its losses, investors are keenly watching if the bulls can muster enough strength to prevent further depreciation, especially with the immediate threat of falling below the $4,250 support zone.
Recent Price Action and Key Support
The ETH price failed to sustain momentum above the $4,650 level, initiating a fresh decline that mimicked Bitcoin's movements. This bearish trend pushed Ethereum below the $4,600 and $4,550 support levels, eventually finding a temporary bottom at $4,264. Currently, ETH is trading notably below the $4,450 mark and its 100-hourly Simple Moving Average. The price is now consolidating losses, hovering near the 23.6% Fibonacci retracement level of its recent downward wave from $4,637 to $4,264.
Resistance Levels and Potential Upside
For Ethereum to reverse its current trajectory, it must overcome immediate resistance levels. The first notable hurdle lies near $4,350, followed by a more significant resistance at $4,400. Crucially, a key bearish trend line is forming with resistance at $4,450 on the hourly chart. Should ETH manage a clear breakout above this $4,450 resistance, it could signal a fresh wave of buying, potentially propelling the price towards the $4,500 or even $4,620 resistance zones in the near term.
Critical Downside Threats and Technical Indicators
Conversely, if Ethereum fails to breach the $4,350 resistance, it faces the risk of renewed declines. Initial support is found near the $4,250 level, with the first major support resting at $4,220. A sustained move below $4,220 could trigger a sharper downturn, pushing the price towards $4,150 and potentially $4,050. Technical indicators underscore the current bearish sentiment: the Hourly MACD for ETH/USD is gaining momentum within the bearish zone, and the Hourly RSI is positioned below the 50 mark, reinforcing the downward pressure.
