Well, it seems Ethereum is having a bit of a rough go of it again. After a brief attempt to climb back up, the price has dipped below that crucial $4,650 mark. And honestly, it doesn’t look like it’s finding its footing just yet.
The mood feels a bit bearish, to be frank. If it can’t hold above $4,340, we might be looking at a steeper slide. It’s just struggling to get any real momentum going above $4,500, which is a level everyone seems to be watching closely right now.
Where’s the Support?
It’s not all doom and gloom, though. There was a small recovery wave after it touched down near $4,260. For a minute there, it managed to push past a couple of resistance points around $4,320 and $4,350. It even got past the halfway point of that recent drop from the $4,660 high.
But then it just… stalled. The selling pressure near $4,480 was pretty stubborn. The buyers tried a couple times to push through, but they just didn’t have the strength to break that barrier. That 61.8% Fibonacci level, you know, the one from the recent swing, seems to be a real sticking point.
So now, we’re sitting below $4,450 and also under the 100-hour simple moving average. That’s not a great sign. There’s also this bearish trend line forming on the charts with resistance right around $4,460. It feels like every time it tries to go up, it just hits a wall.
The Path Ahead Seems Murky
What happens next? I think it really depends on whether it can muster a move above $4,500. If it does, then maybe we start looking at $4,565, and perhaps even higher toward $4,650. That’s the optimistic view, anyway.
But if it can’t get past that $4,500 ceiling? Then the path of least resistance seems to be down. The first real safety net is down around $4,375. After that, all eyes are on that major support at $4,340. A clear break below that could really open the doors to a deeper drop, maybe testing $4,320 or even revisiting the $4,260 low. After that, $4,150 is the next big level to watch.
What the Indicators Suggest
The technicals are leaning a bit negative at the moment. The hourly MACD is picking up speed in the bearish zone. And the RSI is sitting below 50, which generally suggests the sellers have the upper hand for now.
It’s a waiting game, really. The major levels are clear: support at $4,340 and resistance up at $4,500. Which one breaks first will probably tell us the direction for the next leg. We’ll just have to see how it plays out.
