Ethereum price has begun a new downward trend, falling beneath $4,220. Ethereum is currently in a consolidation phase and could see further declines if it breaches the $4,125 support level. Ethereum was unable to maintain its upward momentum and fell beneath the $4,200 level. The price remains under $4,220 and the 100-hourly Simple Moving Average. The current situation for Ethereum’s price appears precarious. Ethereum’s price struggled to maintain momentum above the $4,500 level and has begun a new downward trend, similar to Bitcoin. ETH price has fallen beneath the support levels of $4,420 and $4,350. The bears managed to drive the price down past the $4,200 mark. A low was established at $4,000, and the price has recently initiated a slight recovery wave. A move has occurred above the 23.6% Fibonacci retracement level of the downward wave from the $4,636 swing high to the $4,000 low.
Ethereum price currently sits beneath $4,220 and the 100-hourly Simple Moving Average. On the upside, the price may encounter resistance around the $4,220 mark. The upcoming significant resistance is around the $4,280 mark. The initial significant resistance is around the $4,315 mark, coinciding with the 50% Fibonacci retracement level from the downward movement that started at the $4,636 swing high and reached the $4,000 low. A significant bearish trend line is taking shape, presenting resistance at $4,370 on the hourly chart of ETH/USD. A breakout above the $4,370 level could signal potential for further gains in the upcoming sessions. In the current scenario, Ether may approach the $4,450 resistance level or potentially reach $4,550 shortly. The pair may initiate a new upward movement if it establishes a position above $4,280 and $4,320.
Should Ethereum struggle to surpass the $4,215 resistance level, it may initiate a new downward trend. Initial support on the downside is positioned around the $4,125 mark. The initial significant support level is located around the $4,050 area. A decisive drop beneath the $4,050 support could lead the price to test the $4,000 support level. Further losses could push the price down to the $3,880 area in the short term. The next significant support level is at $3,750.
A significant bearish trend line is developing, showing resistance at $4,370 on the hourly chart of ETH/USD. The current formation indicates that the market is closely watching both resistance and support levels for directional clues. Traders are likely to respond to price action near the $4,220–$4,280 zone, as a decisive move in either direction could determine Ethereum’s short-term trajectory.