At the same time as the price of Bitcoin fell, Ethereum also started a new downward movement above $ 4,650. If the $ 4,200 support is broken, the price is likely to fall deeper.
to the Report Ethereum faced strong resistance near $ 4,850 and started a new downtrend after reaching the peak of $ 4,769. Sellers further accelerated the downtrend, pushing the price below the $ 4,500 support and the 100-hour moving average (SMA).
Support at $ 4,400 continued to break, Ethereum fell to $ 4,261 and the market is now stabilizing. If the market is bullish, the nearest resistance will be near $ 4,380 and the 23.6% Fibonacci retracement level. It should be noted that in this analysis, Fibonacci levels are based on the downward movement of the price from $ 4,769 to the floor of $ 4,251.
The next key resistance will be at $ 4,400, and the main obstacle for buyers is forming near $ 4,500 and the 50% Fibonacci retracement level.
Crossing the $ 4,500 mark could spark a new uptrend in the market. The next key resistance is at $ 4,650. Continuing the uptrend could push the price to $ 4,800 in the medium term.
If Ethereum fails to break the $ 4,380 and $ 4,400 resistance, the bearish correction may deepen. In this case, the closest support will be at $ 4,280.
The first key support is at $ 4,250, and breaking this level could lead to further price declines. The next key support will be at $ 4,150 and the continuation of the downtrend could push the price to $ 4,050. After that, $ 4,000 will act as a key price support.
The MACD is slowly falling out of the bearish range, and the Relative Strength Index (RSI) is in the sell-off, below 40.
As mentioned, $ 4,250 is key Ethereum support, and $ 4,500 acts as price resistance.