Well, it looks like Ethereum’s price is on the move again, and not exactly in the direction a lot of folks were hoping for. After a decent run-up, ETH seems to have hit a wall around that $4,700 mark. It’s been sliding since, and honestly, the charts are starting to look a bit shaky.
The big question now is whether it can find its footing or if we’re in for a steeper drop. I think a lot depends on what happens around the $4,400 level. If it can’t hold there, things could get messy.
Where the Recovery Stalled
It wasn’t all bad news recently. The price did manage to bounce back a bit after dipping close to $4,320. It climbed back past a couple of minor resistance points, which was a good sign. It even got past a key retracement level, which some traders watch closely.
But then it just… stopped. The $4,630 zone proved to be a tough nut to crack. The price tried to push past it a couple of times and just couldn’t gather enough momentum. It’s like it ran out of steam. That failure led to a slide back down, and what’s more concerning is that it broke below a trend line that had been providing support. That’s never a great sign.
The Key Levels to Watch Now
So where does that leave us? Right now, ETH is trading under $4,550 and also below its 100-hour average. That generally suggests the short-term momentum isn’t great. If it wants to try another run upward, it first has to get back over that $4,550 level. After that, the real test is still up around $4,630. A clean break above that could open the door to testing $4,720 and maybe even higher.
But that feels like a big ‘if’ at the moment.
The Potential for a Further Drop
The other side of the coin is, of course, more losses. If it can’t reclaim that $4,550 area, the path of least resistance seems to be down. The first real safety net is around $4,440. But the major one, the one everyone is talking about, is $4,400.
A decisive drop below that could really spark a sell-off, potentially sending the price tumbling back toward $4,320 or even lower. After that, the next significant support isn’t until around $4,250. The technical indicators aren’t helping much either; they’re both leaning bearish for the moment.
It’s a waiting game now. The market seems to be holding its breath to see which way this breaks.
