Ethereum failed to break the resistance of $ 4,800, started a new drop

Ethereum failed to break the USD 4800 resistance and cut its gains against the US dollar as it is down 5% and could continue to fall if another break below USD 4350 occurs. So read more on the news on Our Newest Ethereum Today.

Ethereum was unable to cross the USD 4800 resistance as the price trades near the USD 4500 resistance and the 100-hour simple moving average.

The hourly chart for the ETH / USD pair broke below the major uptrend line with support near $ 4600. Ethereum struggled to break the USD 4800 resistance area and start another decline, while ETH broke the key USD 4600 support to enter a bearish zone.

There was also a break below the major uptrend line with support near $ 4600 on the hourly chart of ETH / USD and the pair subsequently traded below the $ 4550 support area, trading near the $ 4500 level and the simple 100 hour moving -Average. A new low formed near $ 4,455 and it is consolidating losses. Initial resistance to the upside is near the $ 4,540 level and is near the 23.6% Fib retracement level of the decline from the high of $ 4,783 to the low of $ 4,455. The first major resistance is near $ 4580 with the low of the swing the $ 4620 level and coinciding with the 50% retracement of the recent decline from the high of $ 4783 to the low of $ 4455.

A closing price above $ 4600 could trigger a new rally in the near future, so in the named instance a rally to $ 4750 is possible, with the price potentially rising to the $ 4800 area next time around. If ETH fails to start another spike above $ 4600, it could set in a new downward correction with initial support down near $ 4500. The first important support is formed. Price may depress near $ 4,450 with a break below this zone. The main breakout support is at $ 4,350, below which the price could drop. The hourly MACD for the pair is accelerating in the bearish territory and the hourly RSI is below the 50 mark.