Ethereum Price Rally Stalls – Is A Deeper Correction Now On The Horizon?

Ethereum price failed to extend gains above $4,750 and declined. ETH is now consolidating and might struggle to rise above $4,600 in the short term. Ethereum started a downside correction below $4,620 and $4,600. The price is trading below $4,600 and the 100-hourly Simple Moving Average. There was a break below a key bullish trend line with support at $4,560 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move down if it trades below $4,420. Ethereum Price Corrects Gains Ethereum price extended gains above $4,600 and $4,620, like Bitcoin . ETH price even tested the $4,750 resistance zone before the bears appeared. A high was formed at $4,759 and the price corrected some gains. There was a move below the $4,620 and $4,600 levels. Besides, there was a break below a key bullish trend line with support at $4,560 on the hourly chart of ETH/USD. The pair even tested the $4,440 zone and is currently consolidating losses. Ethereum price is now trading below $4,550 and the 100-hourly Simple Moving Average. On the upside, the price could face resistance near the $4,520 level and the 23.6% Fib retracement level of the recent decline from the $4,759 swing high to the $4,435 low. The next key resistance is near the $4,550 level. The first major resistance is near the $4,600 level or the 50% Fib retracement level of the recent decline from the $4,759 swing high to the $4,435 low. A clear move above the $4,600 resistance might send the price toward the $4,650 resistance. An upside break above the $4,650 region might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,720 resistance zone or even $4,750 in the near term. More Losses In ETH? If Ethereum fails to clear the $4,600 resistance, it could start a fresh decline. Initial support on the downside is near the $4,440 level. The first major support sits near the $4,420 zone. A clear move below the $4,420 support might push the price toward the $4,320 support. Any more losses might send the price toward the $4,250 region in the near term. The next key support sits at $4,150. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major Support Level – $4,420 Major Resistance Level – $4,600