$ETH 📉 Ethereum Faces Pressure: A Look at the 4-Hour Chart

The ETH/USDT pair, currently trading at 3,104.43, is showing signs of consolidation and potential downside risk on the 4-hour chart. Ethereum has faced a significant rejection from the recent peak near 3,447.44, leading to a sharp retracement. $ETH

The price is now trading slightly below the MA(7) at 3,112.96 and well below the MA(25) at 3,179.93 and MA(99) at 3,085.89. The convergence of the MAs, with the shorter-term averages dipping toward the longer-term ones, suggests weakening momentum. While the price is testing a support level, a decisive break below the 24h Low of 3,079.00 could accelerate the move toward lower price targets. Traders are closely monitoring the next candle close for direction. $ETH

ETHUSDT

Perp

3,063.56

-1.51%