Ethereum price is in a short-term correction, trading near $4,629 and testing local support at $4,519; failure to bounce could see ETH drop toward $4,300–$4,400, while a weekly close above $4,788 would keep a near-term bullish case intact.
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ETH is testing key support at $4,519 — a decisive close below may trigger a move to $4,300–$4,400.
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Daily decline of 2.70% signals short-term selling pressure; watch the $4,887 resistance for a confirmed breakout.
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Current price: $4,629; weekly close above $4,788 would point to renewed upside toward $5,000 (data: CoinStats, TradingView).
Ethereum price falls toward $4,519 support as market correction unfolds; ETH at $4,629. Read analysis, levels to watch, and trading bias from COINOTAG.
What is the current state of the Ethereum price?
Ethereum price is undergoing a short-term correction, down 2.70% over 24 hours and trading near $4,629. Price action shows testing of local support at $4,519; a failure to hold this level could lead to a decline to the $4,300–$4,400 zone.
The market is facing a correction at the beginning of the week, according to CoinStats.
ETH chart by CoinStats
How close is ETH to support and what are the next technical levels?
On the hourly chart, ETH sits near the local support at $4,519. If the price fails to bounce by the end of the day, traders can expect a level breakout followed by a decline toward $4,400.
The price of Ethereum (ETH) has declined by 2.70% over the past day. This move reflects increased selling pressure in the short term while broader market sentiment remains mixed.
Image by TradingView
On higher time frames, ETH fell after a false breakout above resistance at $4,887. A confirmed weekly candle close near or above $4,788 would revalidate the midterm bullish scenario and open the path to $5,000.
Image by TradingView
If the daily candle closes with little upper wick and near its low, momentum would favor further downside. In that scenario, expect the $4,300–$4,400 range to become the immediate price objective.
Image by TradingView
From a midterm perspective, it is too early to make long-term predictions. If the weekly close is above $4,788, traders should watch for a retest of $5,000. Ethereum is trading at $4,629 at press time.
Frequently Asked Questions
What happens if ETH breaks $4,519?
If ETH breaks and closes below $4,519 on the daily chart, expect accelerated selling toward $4,300–$4,400. Traders should reduce leverage and watch volume for confirmation.
How likely is a rebound to $5,000?
A rebound to $5,000 requires price to reclaim and hold above $4,788 on the weekly close and clear $4,887 resistance. Until then, upside remains conditional on confirmed momentum.
Key Takeaways
- Short-term correction: Ethereum down 2.70% and testing $4,519 support.
- Critical levels: Support $4,519; resistance $4,887; weekly pivot $4,788.
- Trading action: Watch daily/weekly closes, volume, and use $4,300–$4,400 as a measured downside target.
Conclusion
Ethereum price is in a clear short-term correction with immediate focus on $4,519 support and resistance at $4,887. COINOTAG recommends monitoring daily and weekly closes and managing risk accordingly. Traders should watch these levels to determine whether a medium-term bullish or bearish path will prevail.
