At the time of writing, ETH price is around 1,123.82 USD which is up 62.63% in the past 24 hours. However, in the past 7 days, the price of ETH is still falling. This puts its market cap at around $1358.00 below BTC (BTC) at $391.16 billion and above Tether (USDT) at $67.85 billion.
The ETH/USDT 4-hour chart shows how ETH took the price from a chart low just below $920 to $1160 before breaking below Fibonacci to undo the 0.786 level from the $1157 level. This is also a key level on the 4-hour chart.
The current 4-hour candlestick has fallen below the 0.618 level and entered the Fibonacci retracement level of 0.5. Currently, 9 and 20. The EMA line appears to be a minor support line for the ETH price.
Zooming in, the 9 and 20EMA lines show that the 9EMA line just crossed the 20EMA line - a short-term bullish sign.
Given that Fibonacci is currently breaking above the 20EMA from the retracement levels of $1, $157 and $9, it can be argued that ETH price may continue to rise. However, the resistance at $1, $126 may support and sustain the decline. Assuming this is the case, the nearest support line for ETH could be $1050.
Investors and investors can look at the 0.618 price action on the chart to get an idea of what might happen next.
