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TA: Ethereum Corrects Rapidly, Which Could Promote Fresh Growth

Ethereum started a downside correction below $4,700 against the US Dollar. ETH is recovering, but it will have to pay $4,720 to start fresh growth in the near term.

  • Ethereum started a downside correction below the $4,750 and $4,650 levels.
  • The price is now trading below $4,700 and the 100 hourly simple moving average.
  • There was a break below a major bullish trend line with support near $4,720 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a fresh rise if it sustains above the $4,500 support area.

Ethereum Price Eyes Fresh Growth

Ethereum failed to settle above the $4,700 level and started a fresh decline. ETH price declined below the $4,650 support level to move into a short-term bearish zone.

There was also a break below $4,550 and the 100 hourly simple moving average. However, the bulls appeared near the $4,450 support area. Besides, there was a break below a major bullish trend line with support near $4,720 on the hourly chart of ETH/USD.

A low has been formed near $4,452 and the pair is now recovering from losses. It cleared the $4,500 resistance area. Ether is now trading above the 23.6% Fib retracement level of the recent decline from $4,866 high to $4,452 low. An initial resistance on the upside is near the $4,660 level.

The 50% Fib retracement level of the recent decline from the $4,866 high to $4,452 low is near $4,660. The 100 hourly SMA is also near the $4,680 level. The next major resistance is near the $4,700 level.

Source: ETHUSD on TradingView.com

A level above the $4,700 level could lead to a sharp rise in the near term. In the said case, the price is likely to move higher towards the $4,850 level. Any further gains could propel the price towards the next major hurdle near $5,000.

Dips Ltd in ETH?

If Ethereum fails to continue above the $4,660 and $4,700 resistance levels, it could start a fresh downside correction. An initial support on the downside is near the $4,500 level.

The first major support is now forming near the $4,450 level and the recent lows. A downside break below the $4,450 support level might push the price below the $4,300 support level. The next major support is near $4,200.

technical indicators

hourly macd , The MACD for ETH/USD is losing momentum in the bearish zone.

hourly rsi , The RSI for ETH/USD is now near the 50 level.

Key Support Level – $4,450

Key Resistance Level – $4,700

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