Ethereum didn’t clear the $4800 resistance and trimmed the gains made against the US dollar as it declined 5% and could decline further if there is another break below $4350 so let’s read more in our latest Ethereum news today.
Ethereum didn’t clear the $4800 resistance as the price was trading near the resistance of $4500 and the 100 hourly simple moving average. There was a break below the key bullish trend line with support near $4600 on the hourly charts of the ETH/USD pair that could drop further if there’s a close below the 100 hourly SMA. Ethereum had a hard time clearing the $4800 resistance zone and started a new decline while ETH broke the key $4600 support to enter into the bearish zone.
There was also a break below the key bullish trend line with support close to the $4600 on the hourly chart of ETH/USD and the pair then traded below the $4550 support zone and it is trading near the $4500 and the 100 hourly simple moving average. The new low formed near $4455 and it is consolidating losses. The initial resistance on the upside is near the $4540 level and it is near the 23.6% Fib Retracement level of the decline from $4783 high to $4455 low. The first major resistance is close to the $4580 level with the next major resistance being near the $4620 level and coinciding with the 50% fib retracement level from the recent decline from $4783 high to $4455 low.
The close above the $4600 level could start a new increase in the near term, so in the stated case, the price could rise to the $4750 level with more gains being able to lift the price towards the $4800 zone in the near term. If ETH fails to start a new increase above the $4600 level, it could start a new correction to the downside with the initial support on the downside being near the $4500. The first key support is forming near the $4450 level with a downside break below this zone could push the price lower. The main breakdown support is at $4350 below which the price could decline afterward. The hourly MACD for the pair is gaining pace in the bearish zone and the hourly RSI is well below the 50 levels.
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