Ethereum Plunge: Will Bulls Charge Before the Bleeding Worsens?

Ethereum's price just took a nosedive—leaving traders scrambling and the crypto community on edge. Bulls are facing their ultimate test as support levels crumble like a poorly structured ICO.

The Momentum Meltdown

ETH's sharp decline caught many off guard, slicing through key psychological barriers without mercy. Trading volumes spiked as panic set in—typical behavior when 'number go down' syndrome hits the market.

Bullish Lifelines or False Hope?

Potential reversal zones are emerging, but let's be real—every dip isn't a 'buying opportunity' no matter what the influencers scream. Historical support levels now look more like suggestions than guarantees.

Traders are watching for any signs of whale accumulation or institutional moves that could signal a turnaround. Because nothing says 'healthy market' like praying for billionaires to save your portfolio.

The Verdict: Rebound or Rout?

Either the bulls step up now with conviction buying, or we're looking at another classic crypto cascade—where your portfolio value drops faster than a banker's moral compass during a bull run.

Ethereum Price Dips Sharply

Ethereum price failed to continue higher above the $4,650 zone and started a fresh decline, like Bitcoin. ETH price declined below the $4,600 and $4,550 support levels.

The bears even pushed the price below $4,420. A low was formed at $4,264 and the price is now consolidating losses and is well below the 23.6% Fib retracement level of the downward wave from the $4,637 swing high to the $4,264 low.

Ethereum price is now trading below $4,400 and the 100-hourly Simple Moving Average. On the upside, the price could face resistance NEAR the $4,350 level. The next key resistance is near the $4,400 level.

The first major resistance is near the $4,450 level. Besides, there is a key bearish trend line forming with resistance at $4,450 on the hourly chart of ETH/USD. A clear MOVE above the $4,450 resistance might send the price toward the $4,500 resistance or the 61.8% Fib retracement level of the downward wave from the $4,637 swing high to the $4,264 low.

An upside break above the $4,500 region might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,550 resistance zone or even $4,620 in the near term.

Another Decline In ETH?

If ethereum fails to clear the $4,350 resistance, it could start a fresh decline. Initial support on the downside is near the $4,250 level. The first major support sits near the $4,220 zone.

A clear move below the $4,220 support might push the price toward the $4,150 support. Any more losses might send the price toward the $4,120 region in the near term. The next key support sits at $4,050.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 zone.

Major Support Level – $4,250

Major Resistance Level – $4,350