Ethereum price started a fresh decline from the $1,690 zone. ETH is now consolidating and might decline further below the $1,580 support zone.

• Ethereum started a fresh decline after it failed to clear $1,700 and $1,720.
• The price is trading below $1,620 and the 100-hourly Simple Moving Average.
• There was a break below a new connecting bullish trend line with support at $1,625 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a fresh increase if it clears the $1,640 resistance zone.

Ethereum Price Faces Rejection

Ethereum price formed a base above $1,550 and started a fresh increase, like Bitcoin. ETH gained pace for a move above the $1,600 and $1,620 resistance levels.

The bulls even pumped the price above the $1,650 zone. A high was formed at $1,690 and the price recently corrected gains. There was a move below the $1,640 support zone. Besides, there was a break below a new connecting bullish trend line with support at $1,625 on the hourly chart of ETH/USD.

The price tested the 50% Fib retracement level of the upward move from the $1,472 swing low to the $1,690 high. Ethereum price is now trading below $1,625 and the 100-hourly Simple Moving Average.

On the upside, the price seems to be facing hurdles near the $1,620 level. The next key resistance is near the $1,640 level. The first major resistance is near the $1,650 level. A clear move above the $1,650 resistance might send the price toward the $1,690 resistance.

An upside break above the $1,690 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $1,750 resistance zone or even $1,800 in the near term.

More Losses In ETH?

If Ethereum fails to clear the $1,640 resistance, it could start another decline. Initial support on the downside is near the $1,580 level. The first major support sits near the $1,555 zone and the 61.8% Fib retracement level of the upward move from the $1,472 swing low to the $1,690 high.

A clear move below the $1,555 support might push the price toward the $1,525 support. Any more losses might send the price toward the $1,450 support level in the near term. The next key support sits at $1,420.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $1,580

Major Resistance Level – $1,640

Ethereum might be on track to facing renewed pressure, according to an interesting technical outlook. Despite short bursts of recovery attempts, the broader market structure is still trying to flip in favor of bulls, but price movement shows that the bears are still in control. Notably, a recent technical analysis posted by crypto analyst Youriverse on the TradingView platform highlights a potential sharp drop in the price of Ethereum towards $1,400 if the current downward trend continues.

Strong Rejection From Key Fibonacci Zone Hints At Persistent Resistance

Technical analysis shows that the Ethereum price chart is currently characterized by a noticeable Fair Value Gap (FVG) on the 4-hour timeframe. This interesting gap was left behind after a steep 10% drop last Sunday, marking a strong area of seller dominance.

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This gap represents a zone of clear imbalance where selling activity outweighs buying pressure and has influenced Ethereum’s price action throughout the past seven days. Earlier last week, Ethereum retraced into this gap, reaching the midpoint, but was met with swift rejection. This swift rejection showed the intense selling pressure present within this Fair Value Gap. 

Interestingly, the Ethereum price has returned to this Fair Value Gap again, and another rejection here could send it back to a bottom below $1,400. Furthermore, Ethereum is trading within an area identified as the “golden pocket” of the Fibonacci extension indicator, which is drawn from the $1,383 bottom on April 9. Unless price action breaks decisively above this level and heads toward the next Fib level of 0.786 at $1,724, there is still a risk of a significant rejection that could lead to further downside below $1,400.

Stochastic RSI Weakness Suggests Possible Downturn Ahead For Ethereum

In addition to the Fair Value Gap and Ethereum’s struggle within the golden pocket of the Fibonacci retracement zone, the Stochastic RSI is now introducing another layer of bearish pressure to the current outlook. This momentum oscillator, which measures the relative strength of recent price movements, is approaching the overbought region on the daily timeframe. 

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Ethereum’s approach of overbought zone with the Stochastic RSI is due to inflows that have pushed the crypto’s price from the $1,383 bottom on April 9. Now that the Stochastic RSI is moving into the overbought zone, it adds to the bearish outlook that it could reject at the Fair Value Gap and start a new downside correction very soon. 

So far, the Ethereum price was rejected at $1,650 in the past 24 hours, which further supports the bearish continuation thesis. If the selling pressure builds again, as suggested by both the weakening RSI and persistent resistance at the Fair Value Gap, the analyst warns of a breakdown that could drag the price to as low as $1,400, or even lower.

At the time of writing, Ethereum is trading at $1,627.

Featured image from Unsplash, chart from Tradingview.com

Cybersecurity researchers have shared details of a malware campaign targeting Ethereum, XRP, and Solana.

The attack mainly targets Atomic and Exodus wallet users through compromised node package manager (NPM) packages.

It then redirects transactions to attacker-controlled addresses without the wallet owner’s knowledge.

The attack begins when developers unknowingly install trojanized npm packages in their projects. Researchers identified “pdf-to-office” as a compromised package that appears legitimate but contains hidden malicious code.

Once installed, the package scans the system for installed cryptocurrency wallets and injects malicious code that intercepts transactions.

‘Escalation in targeting’

“This latest campaign represents an escalation in the ongoing targeting of cryptocurrency users through software supply chain attacks,” researchers noted in their report.

The malware can redirect transactions across multiple cryptocurrencies, including Ethereum (ETH), Tron-based USDT, XRP (XRP), and Solana (SOL).

ReversingLabs identified the campaign through their analysis of suspicious npm packages and detected multiple indicators of malicious behavior including suspicious URL connections and code patterns matching previously identified threats. Their technical examination reveals a multi-stage attack that uses advanced obfuscation techniques to evade detection.

The infection process begins when the malicious package executes its payload targeting wallet software installed on the system. The code specifically searches for application files in certain paths.

Once located, the malware extracts the application archive. This process is executed through code that creates temporary directories, extracts the application files, injects the malicious code, and then repacks everything to appear normal.

The malware modifies transaction handling code to replace legitimate wallet addresses with attacker-controlled ones using base64 encoding.

For example, when a user attempts to send ETH, the code replaces the recipient address with an attacker’s address decoded from a base64 string.

The impact of this malware can be tragic because transactions appear normal in the wallet interface while funds are being sent to attackers.

Users have no visual indication that their transactions have been compromised until they verify the blockchain transaction and discover funds went to an unexpected address.