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  • Ethereum saw a spike in profit-taking after making a new all-time high of nearly  $4,400.  
  • The increasing selling pressure pushed Ether to hit a low of $3,500.  
  • As long as the  50 four-hour simple moving average holds, ETH can  rebound toward higher highs.  

Ethereum price sits at a crucial support level that would determine likely determine where it is heading next.  

Ethereum price finds a foothold

Ethereum price took a 20% nosedive after rising to a new all-time high of nearly $4,400 on May 12. Investors seem to have rushed to exchanges to buy ETH at a discount as prices quickly, reclaiming the 50 four-hour simple moving average (SMA) at $3,788 as support.

Although the recent price jump  looks promising, only a decisive 4-hour candlestick close above $3,788 can lead to an  upswing toward the next supply level at $4,179.

If the buyers manage to maintain the bullish  momentum, a 5% upswing could develop  pushing Ethereum price back to the recent all-time high.

ETH/USD 4-hour chart

ETH/USD 4-hour chart

A failure to stay above the 50  four-hour SMA will spell trouble for Ethereum price. The downswing could  trigger  a 6% sell-off to the immediate demand barrier that ranges from $3,355 to $3,584, which coincides with the 100  four-hour SMA.  

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