Ethereum Loses Momentum, Why Bulls Could Aim Break Above $4,500
Ethereum failed to test $4,500 and corrected lower against the US Dollar. ETH is trading above $4,150 and it might attempt a fresh increase in the near term.
Ethereum started a downside correction below the $4,320 and $4,250 levels.
The price is now trading below $4,300 and the 100 hourly simple moving average.
There is a key declining channel forming with resistance near $4,300 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh increase if it stays above the $4,150 support zone.
Ethereum failed to settle above $4,400 level and started a fresh decline. ETH price declined below the $4,320 support level to move into a short-term bearish zone.
There was also a break below $4,250 and the 100 hourly simple moving average. However, the bulls appeared near the $4,150 support zone. A low is formed near $4,152 and the pair is now recovering losses. It cleared the $4,200 resistance zone.
Ether is now trading above the 23.6% Fib retracement level of the recent decline from the $4,393 high to $4,152 low. An initial resistance on the upside is near the $4,250 level.