Ethereum began to fall below 4,700 U.S. dollars against the U.S. dollar. ETH is recovering, but $4,720 must be cleared to start a new rise in the short term.
- Ethereum started to make a downward correction below 4,750 USD and 4,650 USD.
- The price is now below $4,700 and the 100-hour simple moving average.
- On the hourly chart of ETH/USD (through data provided by Kraken), the key bullish trend line was broken, and the support level was near $4,720.
- If it stays above the $4,500 support area, the currency pair may start a new rise.
A new rise in the price of Ethereum
Ethereum failed to stabilize above 4,700 USD and started New decline. ETH price fell below the $4,650 support level and entered a short-term bearish zone.
It also broke the US$4,550 and 100-hour simple moving average. However, the bulls appeared near the $4,450 support area. In addition, on the hourly chart of ETH/USD, it fell below the key bullish trend line, and the support level was near $4,720.
A low was formed near $4,452, and the currency pair is now regaining lost ground. It cleared the $4,500 resistance zone. The current trading price of Ether is higher than the 23.6% Fibonacci retracement of the recent drop from a high of $4,866 to a low of $4,452. The initial resistance on the upside is near the $4,660 level.
The 50% Fibonacci retracement level of the recent decline from a high of $4,866 to a low of $4,452 is close to the level of $4,660. The 100-hour moving average is also close to the level of US$4,680.Next Main resistance Close to the level of 4,700 US dollars.
Source: ETHUSD on TradingView.com
A closing price above US$4,700 may trigger a sharp rise in the short term. Under the above circumstances, the price may rise to the level of US$4,850. Any more gains could push the price up to the next key obstacle of $5,000.
Dips limited to ETH?
If Ethereum fails to continue to rise above the resistance levels of $4,660 and $4,700, it may start a new downward correction. The initial support for the downside is around 4,500 USD.
Now the first key support level is formed near 4,450 USD and near recent lows. A break below the $4,450 support level may push the price below the $4,300 support level. The next key support is near the $4,200 level.
MACD per hour —— The MACD of ETH/USD is slowing down in the bearish zone.
RSI per hour —— The RSI of ETH/USD is now close to the 50 level.
Main support level – 4,450 USD
Main resistance level – 4,700 USD