Ethereum Price Faces Selling Pressure, Bulls Eye $4,600 Comeback

Ethereum price started a fresh decline from the $4,630 zone. ETH is now showing bearish signs and might decline further below $4,460.

• Ethereum is struggling to settle above the $4,630 zone.
• The price is trading below $4,580 and the 100-hourly Simple Moving Average.
• There was a break below a rising channel with support at $4,600 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start another increase unless there is a close below $4,460 in the near term.

Ethereum price started a downside correction and tested the $4,310 zone, like Bitcoin. ETH price found support and recently started a fresh increase.

There was a move above the $4,400 and $4,420 levels. The price cleared the 23.6% Fib retracement level of the key decline from the $4,956 swing high to the $4,310 low. However, the bears were active near the $4,630 resistance zone.

The 50% Fib retracement level of the key decline from the $4,956 swing high to the $4,310 low is acting as a hurdle. Recently, there was a break below a rising channel with support at $4,600 on the hourly chart of ETH/USD. Ethereum price is now trading below $4,580 and the 100-hourly Simple Moving Average.

On the upside, the price could face resistance near the $4,580 level. The next key resistance is near the $4,630 level. The first major resistance is near the $4,710 level.

A clear move above the $4,710 resistance might send the price toward the $4,820 resistance. An upside break above the $4,820 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,880 resistance zone or even $5,000 in the near term.

If Ethereum fails to clear the $4,630 resistance, it could continue to move down. Initial support on the downside is near the $4,460 level. The first major support sits near the $4,420 zone.

A clear move below the $4,420 support might push the price toward the $4,310 support. Any more losses might send the price toward the $4,240 support level in the near term. The next key support sits at $4,150.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $4,460

Major Resistance Level – $4,630