Ethereum price has begun a downward correction from the $4,780 area. ETH price has risen again from $4,480 and may attempt to rise steadily.

The decline in Ethereum price remains attractive

Ethereum price begins a new round of rise above the $4,600 support level, surpassing Bitcoin. The ETH price successfully climbed above the $4,650 and $4,700 resistance levels.

Bulls even pushed the price above the resistance level of $4,720. Ultimately, the price tested the resistance level of $4,780. The price formed a peak at $4,782, retreating below the 23.6% Fibonacci retracement level from the recent rise of $4,170 low to $4,782 high.

However, bulls were active near the $4,480 support level. They held the 50% Fibonacci retracement level of the upward move from the $4,170 low to the $4,782 high. The price rose again and showed positive signs.

Ethereum price is currently trading above $4,550 and the 100-hour simple moving average. A bullish trend line has also formed on the ETH/USD hourly chart, with support at $4,500. On the upside, the price may face resistance near $4,640.

The next key resistance level is around $4,680. The first major resistance level is near $4,720. If there is a clear breakout above the $4,720 resistance level, the price may drop towards $4,780. If it breaks through the $4,780 resistance level, more increases may occur in the next few trading days. In this case, Ether could rise to the resistance level of $4,880 in the short term, or even $5,000.

Is ETH Retracing Again?

If Ethereum fails to break through the $4,700 resistance level, it may open a downward correction. The initial support level in the downward direction is around $4,550. The first major support level is near $4,500.

If the price clearly falls below the $4,500 support level, it may push towards the $4,400 support level. If the price drops further, it could fall towards the $4,315 support level in the short term. The next key support level is at $4,250.

Technical Indicators

Hourly MACD - The MACD of ETH/USD is losing momentum in the bullish area.

Hourly RSI - The RSI of ETH/USD is now above the 50 area.

Major Support Level - $4,500

Major Resistance Level - $4,700