Ethereum price failed to extend gains above $4,600 and declined. ETH is now moving lower and might extend losses below $4,400 in the short term. Ethereum started a downside correction below $4,600 and $4,550. The price is trading below $4,550 and the 100-hourly Simple Moving Average. There is a short-term rising channel forming with support at $4,460 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move down if it trades below $4,400. Ethereum Price Dips Again Ethereum price extended gains above $4,620 and $4,650, like Bitcoin . ETH price tested the $4,750 resistance zone before there was a fresh decline. A low was formed at $4,414 and the price is now consolidating losses. There was a minor recovery wave above $4,500. The price climbed above the 23.6% Fib retracement level of the recent decline from the $4,759 swing high to the $4,414 low. However, the bears are active near the $4,550 level. Besides, there is a short-term rising channel forming with support at $4,460 on the hourly chart of ETH/USD. Ethereum price is now trading below $4,520 and the 100-hourly Simple Moving Average . On the upside, the price could face resistance near the $4,520 level. The next key resistance is near the $4,550 level. The first major resistance is near the $4,585 level or the 50% Fib retracement level of the recent decline from the $4,759 swing high to the $4,414 low. A clear move above the $4,585 resistance might send the price toward the $4,620 resistance. An upside break above the $4,620 region might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,720 resistance zone or even $4,750 in the near term. More Losses In ETH? If Ethereum fails to clear the $4,550 resistance, it could start a fresh decline. Initial support on the downside is near the $4,460 level. The first major support sits near the $4,420 zone. A clear move below the $4,420 support might push the price toward the $4,320 support. Any more losses might send the price toward the $4,250 region in the near term. The next key support sits at $4,150. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major Support Level – $4,420 Major Resistance Level – $4,550
